The Obama administration on Thursday announced plans to suspend trade privileges for Bangladesh over concerns about safety problems and labor rights violations in the country’s garment industry.
Full Answer
What is the significance of the US trade tariff for Bangladesh?
c.It improves Bangladesh's terms of trade with the United States. d.It has a very small effect on the Bangladeshi economy, since only 10% of its exports to the United States are subject to the tariff.
Do preferential trade agreements create more trade than they destroy?
c.Yes; all preferential trade agreements have higher trade creation gains than trade diversion losses. d.No; all preferential trade agreements have higher trade diversion losses than trade creation gains. B A case study of NAFTA, with regard to the benefits for Canada from U.S. trade, found that:
Why did the US not ban imports from Venezuela and Brazil?
b.They could not ban the imports because they had not given Venezuela and Brazil a grace period as they had given their own U.S. companies. c.The United States could not use "environmental protection" as an excuse for every trade dispute that came along.
Who will deal with labor disputes and issues under NAFTA?
a.the European Union; the European nations b.the World Trade Organization; the less developed nations c.NAFTA; the South American nations d.NAFTA; Mexico, Canada, and the United States D Under NAFTA, labor disputes and issues will be dealt with by the: a.U.S. Department of Labor. b.North American Agreement on Labor Cooperation.
U.S. HEAVILY TAXES CLOTHING FROM BANGLADESH
Suspending Bangladesh from the GSP program will increase U.S. duties on an array of products the country exports to the United States, such as tobacco, sporting equipment, porcelain china, plastic products and a small amount of textile products.
PETITION FILED IN 2007
The United States’ own review dates back to 2007, when the AFL-CIO, the main U.S. labor group, first filed a petition asking that Bangladesh’s trade benefits be revoked.
Why did Obama suspend trade privileges in Bangladesh?
In a letter to Congress on Thursday, President Obama said he was suspending the privileges, effective in 60 days, because Bangladesh was “not taking steps to afford internationally recognized worker rights ...
Why is the Bangladesh trade suspension symbolic?
While Bangladesh fought vigorously to prevent the suspension, worried about the signal it sends to its citizens and to global investors, some trade experts said the suspension would be largely symbolic because it will affect less than 1 percent of America’s $4.9 billion in annual imports from Bangladesh.
How many people died in the Bangladesh factory fire?
The administration has come under intense pressure to suspend the privileges in recent months — first after a factory fire there killed 112 workers last November and then after an eight-story factory building collapsed in April, killing 1,129 workers. Trade experts said the administration’s decision would be a substantial blow to Bangladesh’s ...
Is Bangladesh unified on the suspensions?
The federal government has not been unified on the suspensions, however. The Labor Department has favored them, arguing that Bangladesh and its garment industry have been slow to improve factory safety and end violations of workers’ rights to form labor unions.
What are some examples of trade diversion?
An example of how trade diversion results in a suboptimal situation is auto parts trade between Mexico and the United States. After NAFTA: a.Mexico decreased its sales of auto parts to the United States.
Which countries have the same tariff on electric fans?
States, China, and Canada are identical. Currently, the United. States imposes a 30% tariff on imported electric fans. Suppose that the United States levied a 10% tariff on imported electric fans (rather than the 30% tariff described in the scenario).
Is China the same as Canada?
States, China, and Canada are identical. Currently, the United. States imposes a 30% tariff on imported electric fans. Now suppose that the United States forms a free-trade area (NAFTA) with Canada and Mexico.