Annonce

Log ud Log ind
Log ud Log ind
Finans

Efter US importtold i 2002 dykkede S&P 500 hele 30 %

Morten W. Langer

tirsdag 19. juni 2018 kl. 10:01

Fra Zerohedge:

In an analogue of what is about to take place, on March 5, 2002 President George W. Bush imposed tariffs as high as 30% on global steel imports.

The temporary tariffs of 8–30% were originally scheduled to remain in effect until 2005. They were imposed to give U.S. steel makers protection from what a U.S. probe determined was a detrimental surge in steel imports, as more than 30 steel makers had recently declared bankruptcy.

Canada and Mexico were exempt from the tariffs because of penalties the United States would face under NAFTA. Additionally, some developing countries such as Argentina, Thailand, and Turkey were also exempt.

Domestically, some of the president’s political opponents, such as Democratic House Representative Dick Gephardt, criticized the plan for not going far enough. For some of the president’s conservative allies, imposing the tariff was a step away from Bush’s commitment to free trade. Critics also contended that the tariffs would harm consumers and U.S. businesses that relied on steel imports, and would cut more jobs than it would save in the steel industry

The international response – like now – was more vocal.

Immediately after the announcement, the European Union announced that it would impose retaliatory tariffs on the United States, risking the start of a major trade war. To decide whether or not the steel tariffs were fair, a case was filed at the Dispute Settlement Body of the World Trade Organization (WTO). Japan, Korea, China, Taiwan, Switzerland, Brazil and others joined with similar cases.

In a decisive decision, on November 11, 2003, the WTO came out against the steel tariffs, saying that they had not been imposed during a period of import surge—steel imports had actually dropped a bit during 2001 and 2002—and that the tariffs therefore were a violation of America’s WTO tariff-rate commitments. The ruling authorized more than $2 billion in sanctions, the largest penalty ever imposed by the WTO against a member state, if the United States did not quickly remove the tariffs.

In retaliation, the European Union threatened to counter with tariffs of its own on products ranging from Florida oranges to cars produced in Michigan, with each tariff calculated to likewise hurt the President in a key marginal state.

But it was the market’s response that broke the camel’s back: what followed immediately after the tariffs were announced was a 30% plunge in the S&P 500, a slump in the dollar and a rally in bonds that slashed 10Y yields in half.

After receiving the verdict, both from the market and the WTO, the United States backed down and withdrew the tariffs on December 4, 2003.

Tilmeld dig vores gratis nyhedsbrev
ØU Top100 Finansvirksomhed

Få de vigtigste om bank, realkredit, forsikring, pension
Udkommer hver mandag.

Jeg giver samtykke til, at I sender mig mails med de seneste historier fra Økonomisk Ugebrev. Lejlighedsvis må I gerne sende mig gode tilbud og information om events. Samtidig accepterer jeg ØU’s Privatlivspolitik.

Du kan til enhver tid afmelde dig med et enkelt klik.

[postviewcount]

Jobannoncer

Grønborg: Bankernes rejse nærmer sig afslutningen
Afdelingsdirektør for forretningsudvikling Private Banking
Private Banking
Aabenraa
Grønborg: Bankernes rejse nærmer sig afslutningen
Formuerådgiver
Formuerådgiver
Region hovedstaden og Sjælland
Grønborg: Bankernes rejse nærmer sig afslutningen
Forretningsudvikler til Pension og Formue
Pension, Formue
Aabenraa
Grønborg: Bankernes rejse nærmer sig afslutningen
Formuerådgiver
Formuerådgiver
Midt- og Nordjylland
Generalsekretær i Folkekirkens Nødhjælp
Region Hovedstaden
ØKONOMIMEDARBEJDER – Carlsbergfondet
Region Hovedstaden
Regnskabsassistent til Pharma Nord
Region Syddanmark
Kontorchef for økonomi, analyse og kunder i Færdselsstyrelsen
Region H
DIGITALISERINGSCHEF – Muskelsvindfonden
Region H
Direktionskonsulent med flair for økonomi og udviklingsprojekter
Region Sjælland

Mere fra ØU Finans

Log ind

Har du ikke allerede en bruger? Opret dig her.

FÅ VORES STORE NYTÅRSUDGAVE AF FORMUE

Her er de 10 bedste aktier i 2022

Tilbuddet udløber om:
dage
timer
min.
sek.

Analyse af og prognoser for Fixed Income (statsrenter og realkreditrenter)

Direkte adgang til opdaterede analyser fra toneangivende finanshuse:

Goldman Sachs

Fidelity

Danske Bank

Morgan Stanley

ABN Amro

Jyske Bank

UBS

SEB

Natixis

Handelsbanken

Merril Lynch 

Direkte adgang til realkreditinstitutternes renteprognoser:

Nykredit

Realkredit Danmark

Nordea

Analyse og prognoser for kort rente, samt for centralbankernes politikker

Links:

RBC

Capital Economics

Yardeni – Central Bank Balance Sheet 

Investing.com: FED Watch Monitor Tool

Nordea

Scotiabank