Unemployment Passes 10%; Obama Doubles Down On Trade War
The new US jobless rate of 10.2% (which jumps to 17.5% when counting those discouraged from even looking) is a 26-year high. Now more than ever, we can not afford the self-destructive, union pandering of protectionism and tariffs. Yet this president insists on pressing ahead in his ill-conceived war on free trade and prosperity. Not surprisingly, China is responding with a tit-for-tat strategy.
China protested U.S. duties on steel pipes and announced the start of an anti-dumping probe into American carmakers as trade tensions escalate ahead of President Barack Obama’s first visit to the nation this month.
The levies of as much as 99 percent on $3.2 billion of Chinese exports are “discriminatory,” the Commerce Ministry in Beijing said on its Web site today. The penalties were announced in a preliminary decision by the U.S. Commerce Department yesterday.
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I am a libertarian-conservative blogger living in the DC area. I have a Master's degree in Political Science and work in public policy, but please don't hold that against me.
