This is especially important at times of economic distress and should not be equated with protectionism.
This is especially important at times of economic distress and should not be equated with protectionismI opened the second XA Import Duty Investigations Report with the words “[i]f you love localisation more than you love ice cream, then getting trade policy working properly is for you”. Trade policy is the implementation arm of our industrial policy, hence its importance.
Mr Fridge goes to the International Trade Administration Commission and asks for the increase. Itac investigates and concludes that the customs duties should be increased. It sends its recommendation to the trade, industry & competition ministry. Back to my ice-cream metaphor. The cone is the process and the ice cream is the policy — in this case how much duty to impose on imported fridges. It is reasonable to say that if the process, from initiation of the investigation to implementation of the duties , takes four years or longer, it doesn’t matter what duty decision is taken, how many people Mr Fridge has committed to employ or how much it was going to invest.
Mr Fridge is not merely an artefact to hold my ice-cream metaphor. It represents a real company that applied for a duty increase on April 9 2018. The investigation was initiated on September 28 2018. Itac recommended a duty increase on November 13 2019, and duties were finally increased on December 23 2022, three years after Itac sent its recommendation and almost five years after initiation.
At times of economic distress we should be seeing more tariff investigations, not fewer. We have a deliberately interventionist industrial policy, and whether you love or hate the idea we can all agree there will be no intervention if everyone opts out of the process.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Donald Trump pointedly snubs wife Melania in a speech as she fails to stand by him in court | YouDonald Trump pointedly snubs wife Melania in a speech as she fails to stand by him in court | YouMagazine
Read more »
Trump indictment: Conspiracy theorists target familiar bogeymanBillionaire philanthropist George Soros has long been a bogeyman for the far right, but Donald Trump's indictment has unleashed a fresh torrent of hate.
Read more »
Taiwanese celebrate freedom in the face of China's war gamesRetired lecturer Donald Ho was out for his morning stroll in a busy downtown park Sunday, anxious about what Chinese jets and ships holding war games around Taiwan meant for freedom in the self-ruled island.
Read more »
Trump appeals order requiring Pence to testify in 6 January probe - media | News24Former President Donald Trump has appealed an order requiring his former vice president, Mike Pence, to testify in the special counsel probe of the 6 January 2021, attack on the US Capitol, according to media reports on Monday.
Read more »
SA's stance on Russia could see country lose R400 billion in trade - report | The CitizenA South African delegation is set to visit Washington D.C, the capital of the US, amid pressure on the country to execute an arrest warrant targeting Russian President Vladimir Putin.🇿🇦🇷🇺 Read more here ⬇️
Read more »
Asian markets edge up as traders weigh US jobs dataAsian equities rose on Monday in holiday-thinned trade after US jobs data indicated the Federal Reserve would likely have to hike interest rates again.
Read more »