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Even if the dollar does decline during the coming months, the delays in the response of exports and imports to the more competitive dollar will mean that the increase in aggregate demand from this source may not happen for a year or more.
The direct investment of Japanese businesses to East Asian economies accelerates the reallocation of their production bases. Consequently, between Japan and the other East Asian countries, both exports and imports are growing substantially.
If there is any action that punishes imports to the North American market and encourages U.S. exports, you have to reflect it in a mirror action to counteract the change of incentives that this would make for activity and investment in Mexico.
Since Europe is dependent on imports of energy and most of its raw materials, it can be subdued, if not quite conquered, without all those nuclear weapons the Soviets have aimed at it simply through the shipping routes and raw materials they control.
America is becoming more and more dependent upon imports from foreign manufacturers than we are exports from our country in all fields: in appliances, in clothing, even food. This year America may become for the first time in its history a net food importer.
Free Trade puts consumers at the centre of economic activity. It lowers the cost of imports, which gives people the opportunity to buy more with the same amount of money: domestic producers have to compete with the lowest global costs or invest in new business.
To assert, as some have, that illegal immigrants do not depress wages because they do the jobs Americans refuse is the kind of nonsense economists speak when they strain to be counterintuitive. It is similar to saying that cheap imports do not hold down prices.
I know that there is a great diversity of opinion as to who, in fact, pays the duties on imports. I do not intend to discuss that point. We of the staple and exporting States have long settled the question for ourselves, almost unanimously, from sad experience.
In the five years from 2007 to 2012, we only gained a little over 1,200 farmers. Since we aren't going to stop eating, we have to reverse that trend, or we'll see even more consolidation, more corporate farms, or increasing food imports; none of that is in our interest.
Trade deficits are OK under certain circumstance. 1. An emerging nation imports capital goods necessary to enhance its productivity. 2. A developed nation, with a current account surplus, uses some of its investment income to finance the purchases of additional consumer goods from abroad.
In almost every case, whenever a tariff or quota is imposed on imports, that tax is strongly supported by the domestic industry getting the protective shield from lower-priced foreign competition. The sugar industry supports sugar tariffs; textile mills lobby for tariffs on foreign clothing.
Trade allegedly does not foster growth because when it begins, a flood of imports of factory origin destroys the handicraft manufacturing of the less developed country: the models for this are the effects of British exports of textiles and of iron in India and Chile in the first half of the nineteenth century.
One thinks that one is winning when we slap tariffs or introduce barriers to imports from another country, and we think we win. But you lose when you export because the other countries are going to raise tariffs as well. They're going to introduce barriers as well. So you win with one hand and you lose with the other.
France has not only built a bureaucratic barrier against American culture, it has constructed a notorious intellectual case against it as well. The French spend hundreds of millions of dollars subsidizing film production, extend interest-free loans to designated filmmakers, and have placed quotas not only on imports but on television time.
