The U.S. International Trade Commission blocked tariffs imposed by the Trump administration on imported newsprint because their findings indicated American producers were not harmed by imports from Canada on paper mills. The Commerce Department imposed the tariffs in response to a complaint from a paper producer in Washington state owned by a hedge fund owner.
The newspaper industry complained the rising cost of newsprint because of the tariffs made it harder to operate. The U.S. Trade Commission found that the Canadian imports brought about no injury to U.S. paper producers. The Associated Press carried the story. In another matter concerning trade and tariffs, the Commerce Department announced that the U.S. trade deficit from June to July jumped 9.5%, the largest increase in 3 years and that the total trade deficit this year was on track to be the highest annual deficit in 10 years. All despite Trump's tariffs.
This writer pointed out in commentary some time ago that the trade deficit was a measure of America's strong economy and Trump's solution is not the answer. The deficit occurs because the United States strong economy does not produce what is necessary to meet the demand of the public's need and imports fill the void. And Trump's tax cuts will not move American business to move their foreign operations back to the U.S. to satisfy the demand. In fact Trump has not moved any of his business operations back to the U.S. and is even silent on the issue.
The democratic administrations of Bill Clinton and Barack Obama did not need to impose tariffs to create a growing economy, create jobs or balance the budget and reduce deficit spending. They also did not cut taxes for corporate America to achieve success. And NAFTA, Trump's whipping boy did not stop Clinton or Obama from creating jobs. Trump's actions on trade is a mirror image of his corporate corrupted persona and his autocratic self rule over all and everything
Its very obvious that Trump's tariffs on the import of Canadian newsprint was ill advised and unnecessary. Newspaper publishers were right to complain about the added cost because of the tariffs and the U.S. International Trade Commission made the correct determination. Once again facts told the real story while Trump's tariffs was part of his plan to sell his fake news.
This commentary written by Joe Lorio
