Jamison Greer of the Office of the United States Trade Representative (USTR) underscored the legitimacy of the tariff policy pursued by the Donald Trump administration and argued that government in...
Jamison Greer, head of the Office of the United States Trade Representative, speaks during a visit on April 9 to the production facility of the artificial-intelligence manufacturing startup ‘Atomic Industry’ in Warren, Michigan.
AP Yonhap News Jamison Greer of the Office of the United States Trade Representative underscored the legitimacy of the tariff policy pursued by the Donald Trump administration and argued that government intervention lies behind how resource-scarce South Korea became a global steel producer.
In an article titled ‘Trade Theory Must Catch Up With Tariffs, Industrial Policy, and the Costs of Globalization’ contributed to the June issue of the International Monetary Fund Finance & Development magazine, Greer criticized the post-1990s idea that “If all countries eliminate trade barriers worldwide, would that not be better for everyone? ” as “the simple logic of hyperglobalization.
” He stated that under the General Agreement on Tariffs and Trade , the predecessor to the World Trade Organization launched in 1995, tariffs were essentially designed to protect national security and domestic industry, respond to unfair competition and promote economic development, and address balance-of-payments problems.
He then argued that while the WTO principle of most-favored-nation treatment was “expected to bring peace and prosperity, in reality it made multinational corporations roam the world in search of subsidies and lax labor and environmental regulations. ” He also criticized the principle of comparative advantage, often cited in support of free trade.
Comparative advantage is the economic principle that when countries specialize in goods they can produce at a relatively lower opportunity cost and trade, both can raise their total output and consumption.
He said that “it is certainly true that specialization improves efficiency,” while insisting that “economics today must explain a reality in which economies of scale combined with government intervention create structural trade imbalances unrelated to comparative advantage.
” Citing South Korea as an example, he asked, “Why does the United States, which has the most fertile farmland, run an agricultural trade deficit, and how did South Korea, which lacks energy resources and has little coal or iron ore, become a leading steel producer?
” He argued that state economic intervention has distorted the global economy by making some countries persistent deficit countries and others persistent surplus countries. Jamison Greer, head of the Office of the United States Trade Representative, listens to remarks by U.S. President Donald Trump aboard Air Force One on the flight home after concluding a visit to China on the 15th of last month .
AFP Yonhap News Greer pointed out that under roughly three decades of a free-trade regime, Americans had to grow disillusioned as they watched high-quality jobs move overseas. He said, “By the time President Trump first took office, the gap between theory and reality had reached a point that could no longer be ignored,” adding, “Millions of high-quality manufacturing jobs were lost, and more than 70,000 factories closed.
Working-class wages stagnated and the industrial base weakened. ” Following a U.S. Supreme Court ruling in February that invalidated reciprocal tariffs, the Trump administration has been imposing a 10% ‘global tariff’ on trading partners worldwide based on Section 122 of the Trade Act.
Under Section 122, the global tariff has a 150-day levy period. To introduce new tariffs before the period expires in July, the USTR is conducting Section 301 investigations against major countries.
Section 301 authorizes the U.S. president to take retaliatory measures such as imposing uncapped tariffs and import quotas in response to discriminatory and unreasonable practices by foreign governments that burden or restrict U.S. trade.
Greer said in a CNBC interview that the announcement of the results of the Section 301 investigations covering dozens of countries, including South Korea, will come within a few weeks. 한글기사 원본
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A column by U.S. conservatives in the WSJ···“The ‘radical left’ Lee Jae Myung administration threatens the South Korea-U.S. alliance”On the 1st (local time), the conservative-leaning U.S. daily the Wall Street Journal (WSJ) ran the claims of two U.S. conservative figures, calling the Lee Jae Myung administration “radical left” a...
Read more »
An Unsealed Disclosure of Military Cooperation between South Korea and the USThe South Korean Defense Minister, An Guibak, disclosed the evaluation level of South Korea and the US regarding the transfer of operational control over military forces, which led to a controversy over the leak of classified information.
Read more »
USTR “301조 결과 곧 발표”…美, 트랙터 등 산업기계 관세 인하제이미슨 그리어 미국 무역대표부(USTR) 대표는 2일(현지시간) 몇 주 안에 상호관세를 대체할 무역법 301조 관세와 관련한 조사 결과 발표가 있을 것이라고 말했다. 그리어 대표는 이날 CNBC와의 인터뷰에서 ‘대법원의 위법 판결로 생긴 관세 공백을 대체하는 방안’에 대한 질문에 '각국의 특정 불공정 무역관행을 조사 중이고 70개가 넘는 나라를 조사하고 있다'며 '앞으로 몇주 안에 결과 보고서를 공개할 것'이라고 답했다.
Read more »
美 USTR 대표, 관세 정책 강조…'무역 적자 왜곡, 시장 원리로 설명 안 돼'미국 무역대표부(USTR) 대표 제이미슨 그리어는 IMF 기고문을 통해 무역 균형 회복을 위한 관세 정책의 중요성을 거듭 강조했다. 과거 30년간의 정책 소홀로 미국 제조업 일자리가 감소하고 공장이 폐쇄됐으며 무역 적자가 급증했다고 주장하며, 미국의 대중국 무역 적자 감소와 상호관세 정책 효과를 근거로 제시했다. 그는 정부의 산업 정책이 세계 경제를 왜곡해 만성적 적자국과 흑자국을 만들었다며, 무역법 301조 조사 결과 발표를 앞두고 관세 정책 필요성을 역설했다.
Read more »
제이미슨 그리어 USTR 대표, 트럼프 행정부 관세 정책 정당화 위해 한국 철강 산업 국가 개입 사례 언급제이미슨 그리어 미국 무역대표부(USTR) 대표는 IMF 잡지 기고를 통해 자유무역과 비교우의 한계를 비판하며, 한국이 철강 생산국이 된 배경에 국가 개입이 있다고 주장했다. 그는 트럼프 행정부의 글로벌 관세 정책을 정당화하며, 301조 조사 결과가 곧 발표될 것이라고 밝혔다.
Read more »
United States threatens ‘25% tariffs’ on ‘surplus country’ Brazil···Brazil denounces “political interests”The Donald Trump administration has moved to impose 25% tariffs on Brazil, where the United States runs a trade surplus, citing unfair trade practices. Brazilian President Luiz Inacio Lula da Silva...
Read more »