Obama admin taps financial supporter as jobs advisor, despite the fact GE stock value has dropped by 50% since Immelt took the helm. Also worthy of noting that GE sent 30,000 jobs overseas in in the same time frame. One has to wonder what a big business insider knows about small business in America, which has traditionally produced 70-80% of all American jobs. Perhaps Immelt's value add is in the fact he knows exactly which trade policies were put in place to f*ck over American jobs and manufacturing, because he is one of the guys who helped lobby to put them there. Take the following comparison of a few import duties between the US and China, for instance: China Customs Tariff Rates for Sample Consumer Products The following products are listed in alphabetical order. Shown within brackets are the first 8 digits of the harmonized tariff schedule (HTS) code according to the Customs Import Tariff for the People’s Republic of China. Note that the HTS code shown does not necessarily fully match codes in effect in Canada or the United States. For statistical purposes, each country assigns its own seventh and eighth digits. 1. Bottled water (HTS code 2201.90.10) … 10% of imports’ declared value plus VAT of 17% 2. Cell phones (8517.19.90) … no tariff duty but 17% VAT applies 3. Computer parts and accessories (8473.30.10) … no tariff duty but 17% VAT applies 4. Flu medicine (3002.20.00) …3% tariff duty plus 17% VAT 5. Hard cheese (0406.90.00) …12% plus 17% VAT 6. iPad (8471.30.00) … no tariff duty but 17% VAT applies 7. Perfume … (3303.00.00) … 14.2% plus 17% VAT 8. Running shoes (6404.11.00) … 24% plus 17% VAT 9. Shaving cream (3307.10.00) … 12.5% plus 17% VAT 10. Sunglasses (9004.10.00) … 20% plus 17% VAT. Canada’s Customs Rates Compared with China’s Tariffs Given China’s 17% Value-Added Tax, it should come as no surprise that Canada’s Canada’s Most Favoured Nation (MFN) tariff treatment is much lower for all 10 consumer products. 1. Bottled water … 6.5% of imports’ declared value (417% lower than China’s rate including VAT) 2. Cell phones … duty free 3. Computer parts and accessories … duty free 4. Flu medicine … duty free 5. Hard cheese … 2.84 cents per kilogram 6. iPad … duty free 7. Perfume … 6.5% (482% lower than China’s rate) 8. Running shoes … 16% (260% lower) 9. Shaving cream … 6.5% (456% lower) 10. Sunglasses … 5% (743% lower). US Customs Rates Compared with China’s Duties The United States does not impose an across-the-board VAT, so U.S. general tariff rates are generally much lower than what would be charged had the 10 products below been imported into China. In fact, 6 of these consumer goods are generally duty free items at the American border. 1. Bottled water … duty free 2. Cell phones … duty free 3. Computer parts and accessories … duty free 4. Flu medicine … duty free 5. Hard cheese … 12% of imports’ declared value (244% lower than China’s rate) 6. iPad … duty free 7. Perfume … duty free 8. Running shoes … 10.5% (395% lower) 9. Shaving cream … 4.9% (604% lower) 10. Sunglasses … 2% (1,853% lower). source All of this on top of the fact China actively manipulates it's currency to feed it's export economy. It must be nice for Immelt to have the president's ear, and to be able make Obama a salesman for his company abroad, just like Boeing does. I'm hard pressed to figure out how this is good for America or the American people. Can someone explain to me how asking for import duties that match China's can be called protectionism?
Oh , C'mon the US already has to much money. You guys don't need taxes , you need to outsource half of the economy to India and to more the rest of the production to China . All that will remain will be the rednecks working in agriculture . Problem solved !!!