Wall Street Lobbying Groups Battle To Remove Transnational Shipping Restrictions To Protect Chinese Business Interests

Posted originally on the conservative tree house on March 22, 2022

The 40-year deindustrialization of America, and the subsequent destruction of jobs and the U.S. middle class, did not happen accidentally. It happened as an intentional outcome of selfish multinational business interests chasing profit, combined with the willingness of congress to accept bribes -via lobbying payments- in order to facilitative corporate greed.

The only disruption in the collective economic manipulation was the forced intermission by the American middle class when Donald J. Trump was elected.

President Trump’s tariffs, countervailing duties and protectionist policies against transnational dumping of steel and aluminum into the U.S. marketplace, was a major impediment to the corporate agenda, and it quickly resulted in the biggest economic resurgence in U.S. history.

As a result, people started demanding Congress take a new approach toward Chinese transnational shipping schemes as Beijing attempted to manipulate markets and avoid the Trump-era policies.   A few in Congress assembled legislation that would prevent companies from evading tariffs by rerouting their products through another country (i.e. transnational shipping).  That legislation has triggered the multinational business groups who are now lobbying congress to remove it.

The business groups opposed to the anti-dumping legislation are the same familiar voices who decry tariffs.  The U.S. Chamber of Commerce, the National Retail Federation and the usual list of lobbying interests are all lining up once again to demand the U.S. remains a ‘service driven economy’, so they can continue their business models and exploit the U.S. market while profiting from cheap imported goods.

WASHINGTON DC – A coalition of business groups on Tuesday urged lawmakers to strip a bipartisan trade measure out of a China competitiveness bill before it goes to President Biden’s desk.

In a letter to congressional leaders, retail, trade and manufacturing groups announced their opposition to the Eliminating Global Market Distortions to Protect American Jobs Act, a measure to combat unfair trade practices included in the House-passed China bill.

The legislation would overhaul anti-dumping and countervailing duty laws to prevent companies from evading tariffs by rerouting their products through another country. American steelmakers have long complained that Chinese steelmakers use this tactic to dodge duties they’d otherwise be forced to pay.

The business groups on Tuesday warned that the proposal would lead to increased tariffs on an array of products from U.S. allies such as Canadian lumber, Italian pasta and Japanese aluminum. They argued that the bill would “penalize legitimate trade and contribute to the inflationary pressures on American businesses” (read more)

Ah yes, we see again, the oft surfaced defense of the ‘it will cost consumers more‘ argument.  I wonder if anyone still believes their nonsense?

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