Beware the shades of Smoot

10 September 2009 By Martin Hutchinson

Obama’s new duties on steel pipes suggest he isn’t standing up for free trade. That s a pity; global trade is still down 20% and each new barrier hinders its recovery. The world needs freetrade cheerleaders to prevent creeping protectionism and its negative economic effects.

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The US Commerce Department decided on September 9 to impose duties of up to 31% on steel pipe from China under an antidumping case brought by US Steel. A separate case on Chinese tyres must be decided by September 17.

The US trade deficit widened to $32bn in July from June's $27.5bn deficit and a $64.9bn deficit in July 2008. Exports of goods and services declined 22% from the previous year in July, while imports declined 30%.

China's exports in July were 23% down on the previous year, while imports were down 22%. Japan's exports were down 36% in July from the previous year, while imports were down 41%. And Germany's exports were down 21% in July from the previous year, while imports were down 20%

The Doha round of multilateral trade talks remains moribund.

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The Doha round of multilateral trade talks remains moribund.

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