Rightways: economic terrorism

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Tuesday, October 22, 2019

US ‘hegemonic tariff’ will not make America great again

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Sustaining hegemony is selfish in nature, especially when hegemony is in decline. The nature of the US wielding the tariff baton, sanctioning other countries' officials and companies is a "hegemonic tariff."

This can be defined by a series of its behaviors, including cracking down on Chinese tech giant Huawei and lobbying its allies to reject Huawei's 5G technology without solid proof; blacklisting Chinese companies for their alleged connections with so-called human rights issues in China's Xinjiang Uyghur Autonomous Region; declaring trade wars against the world; frequent military interventions in other countries' domestic affairs, claiming human rights are superior to sovereignty, and overthrowing governments of other countries.

Take trade wars. China is not the only target of the US. Washington has not even cut its allies some slack. Since 2018, not only Venezuela, Cuba, Ukraine, Turkey have been hit by US sanctions. Quite a few of traditional US allies, including Canada, Japan and South Korea, have also been sanctioned by the hegemonic power. Washington's goal is simple: To protect its domestic market and expand foreign markets to maximize global trade. This philosophy is also called "America First," and the US believes it is able to seek more interests through hegemonic means.

While the US is busy charging its "hegemonic tariff," it is putting the blame on China. The Atlantic published an article on Saturday entitled "The NBA-China Disaster Is a Stress Test for Capitalism," claiming "Chinese companies, furious over [US] public sympathy for Hong Kong, were swift in their vengeance. They suspended licensing agreements with the NBA." It then concluded that firms with business in China pay "values tariff."

This is deliberately confusing right from wrong. It shows the US does not respect Chinese sovereignty, while even wishing to impose its own values and political views on the Middle Kingdom.

Hegemonic measures are no longer effective. Trade lasts only when based on mutual respect, equality and mutual benefit. When US companies make money from around the world, they can achieve their goals smoothly only by complying with others' laws and respecting their public opinion.

However, Washington is now becoming increasingly narrow-minded and selfish, regarding mutual benefit as US losses. Worse, it is asking the world to compensate for its losses, urging others to make contributions to "America First" through political, financial and military means.

The Atlantic article noted "the partnership between the NBA and China, which is worth billions of dollars over the next decade, is now in jeopardy." This is exactly the consequence of the US obsessing over hegemony as well as the US obsessing with its so-called moral high ground.

China will not pay a penny for the US "hegemonic tariff," and will take countermeasures to take back what the US has seized from it. The chances of the US profiting from its hegemony are dwindling.

The key to making America great again is to boost the country's competitiveness and innovation, rather than slapping "hegemonic tariffs."

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Monday, July 15, 2019

Trump is the biggest threat


Not much help: Despite his use of tariffs to help skew the playing field in favour of US firms, the very industries Trump has tried to help have become the weakest links in the otherwise solid economy.

WASHINGTON: At rallies and whistle-stop campaign tours, President Donald Trump proclaims a renaissance in US factories rebuilding the nation with “American steel”, “American heart” and “American hands”.

But in reality, despite his relentless use of punitive tariffs to help skew the playing field in favour of US companies, the very industries he has tried to help have become the weakest links in the otherwise solid economy.

With just over a year to go before he faces re-election, Trump takes credit for the most vigorous economy in the industrialised world, with the expansion entering its 11th year and historically low unemployment.

But while services and office jobs dominate the US economy, Trump continues to promote the factory and mining jobs that were the lifeblood of the economy in the last century.

“American steel mills are roaring back to life,” he declared last month in Florida – the same day US Steel announced it would idle plants in Michigan and Indiana until “market conditions improve”.

And to West Virginians he said, “The coal industry is back.”

But in fact each of the sectors Trump has championed – coal mining, steel, aluminium and auto manufacturing – have been buffeted by a combination of market forces and changing technologies – factors beyond his control – or damaged by the very things he did to protect them, economists and analysts say.

Last month, a national survey of manufacturing activity hit its lowest level in nearly three years – narrowly avoiding slipping into contraction – while regional surveys have also seen record declines.

In March, the number of workers in US manufacturing shrank for the first time in nearly two years and it is now growing more slowly than the rest of the American workforce.

Trump has imposed tariffs on hundreds of billions in imports, renegotiated trade agreements and dangled the threat of worse over China and Europe and Mexico – all while publicly browbeating companies that close US factories or move production offshore.

But weak foreign demand, a strong US dollar and a decades-long evolution away from domestic manufacturing have progressively shrunk America’s industrial sector, said Gregory Daco, chief US economist at Oxford Economics.

Trump’s world trade war has not helped either.

“The policies that have been implemented in terms of protectionism have hurt the very sectors they were meant to protect. There’s no escaping that,” Daco said. - AFP/The Star

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Wednesday, June 5, 2019

US global economic terrorism

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Global financial markets are facing a stark wake-up call that they need to unite to stand against acts of what can only be described as economic terrorism by a country which unilaterally imposes its will on others and pursues its own goals at the cost of the interests of others.

More than a year after US President Donald Trump fired the first tariff salvo at China, he is extending the battlefield around the world. On Friday, his administration announced that it will end special trade treatment for India, removing a status that exempts billions of dollars of the South Asian country's products from US tariffs. Trump is seriously mulling slapping tariffs on Mexican imports as he believes the country has taken advantage of the US for decades.

Even close allies cannot trust they will be exempt from Trump's tariff addiction. It was reported that the administration considered imposing tariffs on imports from Australia, but eventually decided against the move amid opposition from his aides, "at least temporarily."

Obviously, Trump, a businessman-turned president, is aiming his trigger finger regardless of the targets, be they US competitors or allies. Trump grumbles about his country subsidizing the world and weakening US industry and pledges to make America great again. But he doesn't realize that a great superpower is supposed to provide public goods rather than resorting to coercion for selfish gains. His tactics are nothing short of economic terrorism.

The International Air Transport Association has estimated that the US-China trade war and high fuel prices will wipe $7.5 billion off expected airline profits in 2019. This is just the figure from the airline industry, which is enough to show the disastrous impact the US-initiated economic terrorism has on the globe. Trump may disrupt the global supply chain with the US' economic clout, but how can a disrupted global supply chain serve the US' strategic objectives of being a great country?

What is worse, before the US becomes great again as the president wishes, he is actually employing the strategy of blocking other countries to take the lead, as we see in his actions in quashing Huawei's 5G advancement.

Later this month, leaders from the world's top economies will meet at the G20 summit in Osaka, Japan to discuss key economic issues that plague the world. The conventional views of globalization and its benefits are still shared by most countries, and many countries and regions are continuing to open their economies. They should unite to face the chaos created by the Trump administration and find a way forward, so the process of globalization will not be held hostage by the US' economic terrorism. - By Zhang Yi

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