Earlier this year, the US put an end to the Mexico Cross-Border Trucking Program and a new study has revealed that it has hurt the economy.
A study conducted by the U.S. Chamber of Commerce founded these results:
– 25,000 lost American jobs
-$2.6 billion in foregone U.S. exports
-$2.2 billion in higher costs for U.S. businesses and consumers
In March when the U.S. government decided to stop funding the two year program, Mexican authorities immediately hit the U.S. with a $2.3 billion penalty duty on 89 U.S. imported products, costing the American consumer around $421 million.
The study’s results are based on the U.S. actions towards Mexico and the Mexican retaliation. These results were analyzed by DC Velocity magazine.
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The Wall Street Journal reports that China has appealed to the World Trade Organization (WTO) over its August ruling on entertainment imports, such as Hollywood dvd releases and downloadable music from Apple, Inc. Reports claim that their attempt reflects the recent trade tensions between the U.S. and China because of the increased tire tariffs and chicken import investigation.
China appeals to WTO on grounds of ‘public moral’ stating that it must protect its citizens from Westerized media.
“…China must now prove its trade restrictions are necessary to protect public morals,” says Brendan McGivern, a Geneva-based trade lawyer for White & Case LLP. “It will be a difficult argument to make.”
The WTO’s August ruling required Beijing must stop forcing U.S. artists and production companies to go through state-controlled distributors.
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