History class: China puts anti-dumping tariffs on U.S. chicken imports & Smoot-Hawley Tariff Act of 1930

"The Smoot-Hawley Tariff Act of 1930 (P.L. 71-361, sometimes known as the Hawley-Smoot Tariff Act; officially the Tariff Act of 1930)[1] was an act signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels. The ensuing retaliatory tariffs by U.S. trading partners reduced American exports and imports by more than half and according to some views may have contributed to the severity of the Great Depression." read more at Wikipedia

The stock market broke sharply on the day that Hoover agreed to sign the Smoot–Hawley Bill. This bill gave the signal for protectionism to proliferate all over the world. Markets, and the international division of labor, were hampered, and American consumers were further burdened, and farm as well as other export industries were hindered by the ensuing decline of international trade."

That was then and recently....

The latest in a string of trade battles over subjects ranging from steel to patents to poultry between the United States, the world’s biggest importer, and China, the top exporter. 


Washington delayed Beijing’s request for the establishment of an investigative panel, but cannot do so again under W.T.O. rules.
The panel will be asked to evaluate whether the American tariffs violate rules governing trade among the W.T.O.’s 153 members. Trade cases often take years to resolve, but can result in the W.T.O. authorizing retaliatory sanctions.
President Obama ordered the higher tire tariffs for three years, including a 35 percent additional charge in the first year. It comes on top of a regular 4 percent tariff.

The United States imported about 46 million tires from China in 2008, three times as many as in 2004. In that time, China’s share of the American market went to almost 17 percent from less than 5 percent.

The two countries are also squabbling over American imports of Chinese steel pipes. Last month, Washington imposed new duties on pipes mainly used in the oil and gas industries, affecting about $2.8 billion worth of Chinese exports.

Today :

China puts anti-dumping tariffs on U.S. chicken imports

By Associated Press 

February 05, 2010, 1:12AM

BEIJING, China -- China announced anti-dumping duties of up to 105.4 percent Friday on imports of U.S. chicken products, adding to trade strains with Washington.

The case comes amid mutual accusations of protectionism by Beijing and Washington, which both say will hurt efforts to end the global economic downturn.