In the 1930s, protectionist tariffs and a global trade war exacerbated the Great Depression and destabilized the international order. Sadly, one of the most painful lessons of modern history is now at risk of being ignored.
The president asked his administration to consider imposing tariffs on an additional $100 billion in Chinese imports.
The U.S. proposal would distinguish between different NAFTA car parts by grouping them into five categories, some of which would have a lower requirement for North American content .
In addition to imports from Chinese companies such as Geely, U.S. companies, including GM which has started importing models produced in China, might put on hold any further import plans, due to the proposed 25% duty.
The U.S. list of planned charges on more than 1,300 product categories focused on China’s industrial machinery and technology exports.
China said Sunday the metals tariffs imposed by the U.S. “caused serious damage” to its interests.
The deal would give U.S. automakers greater access to South Korea' market.
The preliminary step could lead to a dispute between the two nations at the World Trade Organization.
Boeing is a target both as a well-known US brand and it is the largest U.S. exporter as 80% of its planes are for export.