Root against Smoot

18 November 2008 By Martin Hutchinson

Within three days of promising not to impose further tariffs, Russia and India raised them to protect domestic industries. Russia also tightened import quotas while the EU imposed antidumping duties. Creeping protectionism seriously threatens the global economy.

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The Russian government announced November 17 that it would push ahead with an increase in import duties on imported used cars to 30% and reductions in the poultry import quota by 300,000 tonnes and the pork import quota by 200,000 tonnes.

Russia signed the G20 communiqué November 15 which stated We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty and undertook not to raise new barriers to investment or trade within the next 12 months or to use WTOinconsistent methods to stimulate exports.

India imposed a 5% duty on a range of iron and steel products and a 20% duty on crude soybean oil November 18.

The EU imposed antidumping charges on Chinese candles November 14 and is expected to introduce antidumping duties of between 63% and 87% on Chinese screws and fasteners later in November.

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