Forex Blog: Currency Trading News & Analysis.

February 17th 2005

Congress weighs benefits of free trade

Congress is beginning to question free trade, which they feel benefits other nations more than the United States. These other nations are given access to a vast market in which they may sell their low-priced products. The United States, goes the argument, gains nothing as its producers cannot compete with their overseas counterparts, whose costs of production are much lower. Politicans point to the $600 Billion trade deficit as evidence that free trade is failing the US.  In fact, some have recently voiced support for curtailing free trade with other nations. Proposed legislation includes the end to presidential trade promotion authority, the establishment of high tarrifs on Chinese imports, and/or even the withdrawal from the WTO. MarketWatch reports:

[Two Senators] have introduced legislation that would impose a tariff on imports from China unless China stops pegging its currency to the dollar.  [They] feel that Congress has to respond to China’s failure to float its currency.

Read More: Free trade under fire in Congress

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Posted by Adam Kritzer | in Politics & Policy | No Comments »

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