Economic Illiteracy of the Week
Comes by way of US Trade Representative Ron Kirk defending the protectionist White House move to impose a 35% tariff on imported Chinese tires as … wait for it … well, just read for yourself:
The three-year remedies, consisting of an additional tariff of 35 percent ad valorem in the first year, 30 percent ad valorem in the second, and 25 percent ad valorem in the third year, are being imposed after a finding by the United States International Trade Commission that a harmful surge of imports of Chinese tires disrupted the U.S. market for those products. . . .
“This Administration is doing what is necessary to enforce trade agreements on behalf of American workers and manufacturers. Enforcing trade laws is key to maintaining an open and free trading system.”
HT: Peter Klein.