A Quote by Barry Gardiner
Leaving the E.U. with no trade deal is the worst possible option. It will condemn British exporters to the full range of tariffs and barriers that apply under WTO rules.
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When China got into the WTO, that allowed it to sell into any other country within the WTO - not just the United States - at the lowest tariffs that country offered. And the other countries could sell into China at the lowest tariffs that China offered. The problem, right off the bat, was that China had much higher tariffs than everywhere else, so the U.S. and Europe in particular got the short end of that stick.
Any bilateral trade and investment agreement must be comprehensive and address the full range of barriers to U.S. goods and services if it is to receive broad, bipartisan congressional support.
By all means, let's have free trade and no trade barriers and a common market. But where did it all suddenly become about our own economic and political destiny being surrendered to Brussels with agendas that arguably have very little to do with the interests of the British people and British voters?
The WTO has outlived its usefulness as a setting for trade negotiations. It can still be a good place to resolve disputes (though this can take years) and share ideas, but most countries would be better off choosing their own trading partners and lowering trade barriers at their own pace.
Leaving the E.U. with no deal means Britain would default to World Trade Organisation rules with our biggest trading partner.
Too many countries that do not play by the free trade rules of the World Trade Organization - including, notably mercantilist China and monopolist Saudi Arabia - have been allowed in, to the detriment of both the WTO and the liberal trading environment it is supposed to sponsor.
Feudalism is an economic system where a few people own all the land and the others have no option but to be serfs on such a feudal estate. We now condemn feudalism. We condemn not merely the feudal lords but we condemn the whole structure of rules that sustained feudalism. I am asking people to think similarly about the world economy.
The great difficulty in education is that we give rules instead of inspiring sentiments. ... it is not possible to make rules enough to apply to all manner of cases; and if it were possible, a child would soon forget them. But if you inspire him with right feelings, they will govern his actions.
If a trade deficit is determined solely by rates of savings and investment, then the U.S. trade deficit will be impervious to a get-tough trade policy. Slapping higher tariffs on imports will only deprive foreigners of the dollars they would have earned by selling in the U.S. market.
Everybody talks about tariffs as the first thing. Tariffs are the last thing. Tariffs are part of the negotiation. The real trick is going to be increase American exports. Get rid of some of the tariff and non-tariff barriers to American exports.
The EU has made it very clear that for frictionless trade and no tariffs on goods there is a mechanism for achieving that, but there are consequences. There are trade-offs that will have to happen.
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.
Not one single country in the world is dependent for their trade wholly on WTO guidelines - they aren't 'rules,' because the sanctions for breaching the guidelines are puny.
There's a whole range of areas that we'll be looking at, so I'm not at this very early stage going to specify any particular areas. As you will know, there will be a limit to how far we can go in terms of a formal free trade agreement until we've actually left the European Union. I think there is much that we [with Donald Trump] can do in the interim in terms of looking at how we can remove some of the barriers to trade in a number of areas.
While free trade purists have always rejected regional and plurilateral trading arrangements, the WTO's charter chose to be pragmatic and regarded RTAs and FTAs as building blocks of, rather than barriers to, the multilateral trading system.
Tariffs are in the end taxes. And somebody has to pay that tax. I think one thing people are forgetting is that trade disputes are two-sided. When the United States imposes tariffs on a partner like Canada, there is always a possibility that Canada will say that's not fair and retaliate. And at that point, you have to ask the question, - which U.S. industry will suffer because the Canadians retaliated against it?
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