Interviews
Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
Download Now
Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
Download Now
Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
Download Now
Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
Download Now
Changes in US trade policy needed to stop record foreign trade red ink
14 Feb '07
2 min read
In 2005, U.S. producers were disadvantaged by an estimated $294 billion as a result of foreign VAT taxes, with China accounting for $48 billion alone. Braking down the numbers, foreign countries with VAT taxes are estimated to have rebated $201 billion in VAT taxes on exports to the United States while imposing an estimated $93 billion in VAT taxes on imports from the United States.
“Until the Congress and Executive Branch eliminate the massive VAT advantage to foreign producers, the United States will never be able to reign in its record-breaking trade deficit and begin to stanch the bleeding of high-paying manufacturing jobs – two things that must happen if we are to see a reasonable increase in the standard of living for all Americans,” concluded Tantillo.
“Until the Congress and Executive Branch eliminate the massive VAT advantage to foreign producers, the United States will never be able to reign in its record-breaking trade deficit and begin to stanch the bleeding of high-paying manufacturing jobs – two things that must happen if we are to see a reasonable increase in the standard of living for all Americans,” concluded Tantillo.
American Manufacturing Trade Action Coalition, USA
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
