Thousands of economists in the United States wrote to Trump: avoid new protectionism.

category:Hot
 Thousands of economists in the United States wrote to Trump: avoid new protectionism.


In May 5th, more than 1100 American economists wrote to President Donald Trump and Congress in May 3rd, and urged them not to repeat the mistakes that led to the worsening of the great depression in 1930s. According to the Agence France-Presse in May 3rd, these people included two Republican presidents and two Democratic presidents, economic advisers and 15 Nobel winners. They urged the government to avoid many new protectionist actions, including threats to withdraw from trade agreements, call for new tariffs to respond to trade imbalances and impose tariffs. . The report said the letter, issued by the national taxpayers Federation, called for tax reform and cuts in government spending, on a similar letter to Congress on the anniversary of May 1930. The report also said in the letter of the year, more than 1000 economists urged lawmakers to veto the Smoot Hawley tariff law, which was widely considered to deepen and extend the global economic crisis. The National Federation of taxpayers said: in 1930, Congress did not listen to the advice of economists, so all the people in the United States paid the price. Economists and economic teachers who signed the letter strongly urge you not to repeat that mistake. On the occasion of the petition, the report said, the US finance minister Steven Mnuchin and the commerce minister Wilbur Ross were leading a high-level delegation to visit Beijing to negotiate a solution to trade disputes. The dispute was triggered by Trumps high tariffs on aluminum products and steel and $50 billion in Chinese goods. The Trump administration is also considering cutting off the access of Chinese high-tech enterprises to American products. The report points out that the White House is temporarily exempt from EU tariffs on steel and aluminum products, and now the proposed tariff comes into effect from June 1st, which has also angered the EU. The report also pointed out that the letter of the national taxpayer Federation was quoted in a letter in 1930, warning that tariffs would hurt consumers by raising prices and hurt farmers by losing their agricultural products to the market. This letter reads: such actions will inevitably stimulate other countries to retaliate against their teeth and impose retaliatory tariffs on our commodities. The letter also said that such a policy would be a bitter fruit. Tariff wars will not provide a good soil for the growth of world peace. The letter said. It was reported that the signers included former president Ronald Regan and George W Bushs economic advisor and former Federal Reserve vice chairman Alan Blinder, including the Nobel prize winner in 2001 and Janet Yellen, the former Federal Reserve Chairman, George Akedof.