Word: tariff
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Ruiz Mateos made the angry statements as he announced that Mexico would slap tariffs across 90 U.S. products that were worth $2.4 billion in trade in 2007. He pulled no punches about his goal: the tariffs were designed to hit as many different U.S. states as possible. Going into effect on March 19, the tariffs of 10% to 45% affected goods ranging from onions and shaving cream to fruit juice and red wine. There was even a tariff on Christmas trees, which may not have worried the growers too much because they don't sell many in March...
...meantime, though, it’s time for Cambridge to internalize the lesson that Washington should have learned back in 1930, when the restrictive Smoot-Hawley Tariff helped plunge the United States into the Great Depression: Protectionism may be intuitively appealing and politically convenient, but it’s a one-way street to nowhere...
...detrimental, others might not be. Global trade is down substantially, and closing economies is not the answer for anyone, but some protectionist measures are necessary to sell international cooperation to people in developed countries (see the “Buy American” clause, which is no Smoot-Hawley tariff...
...Gulf of Mexico, threatening the domestic oil and gas industry at a time when we should be encouraging it to return resources home to America. The various tax increases in the Obama budget combine to form as great a threat to economic growth as the Smoot-Hawley Tariff - in effect a huge tax increase on consumers - did in the 1930s. Obama needs to slow down, recognize how much the world has changed and work across party lines to develop a totally new budget to meet this new reality...
...consequences of the 1930 tariff package were not limited to economic warfare; the collapse of international trade destroyed the fragile geopolitical stability that had been created after the end of the First World War. Weimar Germany’s economy, already suffering from hyperinflation and political polarization, all but collapsed as a result of the tariff war, leading to the meteoric rise of the National Socialist Workers’ Party in the parliamentary elections of 1932. Today, Hungary and Ukraine are in danger of defaulting on their already-generous IMF loan packages, while South Korea, Taiwan, and Japan fear...