Thousands of economists in the United States wrote to Trump: against trade protectionism.

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 Thousands of economists in the United States wrote to Trump: against trade protectionism.


On May 4th, the CCTV news client, the American National taxpayer Alliance (NTU) issued a public letter to President Trump and Congress in May 3rd in the United States in May 3rd, against the recent protectionist measures taken by the US government in trade. The open letter is signed by more than 1100 economists, including more than a dozen Nobel prize winners and Trumps economic advisers who have been president of the United States (Clinton, Bush, Obama) over the past 28 years. In this letter, economists say that raising protective tariffs is a mistake. This will lead to a rise in commodity prices, and domestic consumers will pay for this, causing the majority of US citizens to be hurt. Workers in the field of construction, transportation, retail, banking, hotels and so on will obviously become losers in the tariff war. Economists also believe that high tariff measures will inevitably affect international relations in the United States and are not conducive to world peace. The open letter directly quotes a number of paragraphs from the 1930 admonition letter to the government by economists, warning the US government not to take protectionist measures in the early days of the great depression. The letter said: Congress did not adopt the recommendations of economists in 1930, so that all Americans pay the price. In 1930, the United States had fallen into an economic crisis. At that time, 1028 economists signed an admonition letter urging us congressmen not to pass the trade protectionism act, the TheSmoot-HawleyTariffAct (TheSmoot-HawleyTariffAct). But the letter of admonition did not work. In June 17, 1930, the bill was signed by President Herbert Huff (HerbertHoover) into law. The bill has revised the import tax rate of 1125 commodities, of which 890 have been added to the tax rate, and 50 have been taxed from the tax exemption in the past. The international trade war, triggered by the bill, pushed the US stock market further into the abyss. When the Dow Jones fell to its historic lowest level at 41 in July 1932, the total market value of the US stock market has shrunk by 89% compared to its September 1929 high. Many economic historians believe that this bill has further contributed to the world economic recession and finally led to the great depression. Source: CCTV News Mobile editor: Zhang Haitong _NN9053 In 1930, the United States had fallen into an economic crisis. At that time, 1028 economists signed an admonition letter urging us congressmen not to pass the trade protectionism act, the TheSmoot-HawleyTariffAct (TheSmoot-HawleyTariffAct). But the letter of admonition did not work. In June 17, 1930, the bill was signed by President Herbert Huff (HerbertHoover) into law. The bill has revised the import tax rate of 1125 commodities, of which 890 have been added to the tax rate, and 50 have been taxed from the tax exemption in the past. The international trade war, triggered by the bill, pushed the US stock market further into the abyss. When the Dow Jones fell to its historic lowest level at 41 in July 1932, the total market value of the US stock market has shrunk by 89% compared to its September 1929 high. Many economic historians believe that this bill has further contributed to the world economic recession and finally led to the great depression.