AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
As Americans grow frustrated with trade manipulations by parties ranging from Chinese manufacturers to European farmers, the perennial temptation to erect protectionist walls is on the rise once again.
The Washington-based Consumers for World Trade (cwt.org) reminds us that when government trade bureaus fight, everyday Americans usually lose. The CWT has translated an array of often confounding tariffs and quotas into simple, understandable language. They estimate, for instance, that the average American bride endures a hidden tax of 9 percent on her wedding budget due to import duties like the 18 percent tariff on luggage, 26 percent on porcelain dishes, and 29 percent on glassware. Similarly, CWT found that"thanks to tariffs on a wide range of imported products, we Americans cannot remodel or improve our homes without paying a hidden tax equal to over 5 percent of the retail price." If the 12 percent tariff on slip-joint pliers doesn't anger do-it-yourselfers, the 27 percent import tax on Canadian softwood lumber should.
Consumer pocket change quickly adds up to gigabucks. The U.S. International Trade Commission reckons that trade restrictions hike overall consumer costs by $12.4 billion annually. They also limit choice, and create negative unintended consequences. Consider the campaign-donation-driven sugar program. Absent federal price supports, U.S. sugar production would disappear. While Florida's politically connected Fanjul family ...