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文章来源:SEO    发布时间:2019-12-15 09:25:40  【字号:      】

wwwa0000.com_提供会员注册Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  

Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  

Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  

Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  Import tariffs will not improve U.S. trade balance#标题分割#ItisoftensaidthattheUnitedStatesexperiencestradedeficitsinpartbecauseoflowwagesabroadandbecauseforeigngovernmentsunfairlysubsidizecertainindustries,therebycreatingan"unlevelplayingfield".TheobjectivehereistoexplainwhyU.S.tradedeficitswillnotimproveatallasadirectconsequenceofhigherimporttariffs.Thesameistrueifforeigngovernmentsstophelpingfavoredindustries.Acountry'scurrentaccountisdefinedasthesumof:(a)thebalanceoftradeinmerchandiseandservices;(b)netfactorincome(whatAmericanworkers,firmsandinvestorsearnabroadminuswhatforeignworkers,firmsandinvestorsearnintheU.S.);and(c)netinternationaltransferpayments(giftstheU.S.receivesminusAmericangiftstoforeigners,includingforeignaid).Inrecentyears,item(b)hasbeenasmallpositive(aboutbillionperyear)anditem(c)hasbeennegativeofabitmorethanbillionperyear.Thus,items(b)and(c)tendtooffseteachother,implyingthattheU.S.currentaccounthasbeennegativeprimarilybecauseoftradedeficits.Thelatter,inturn,hasexistedbecauselargemerchandisetradedeficitsareonlypartiallyoffsetbyarelativelysmallersurpluswithregardtotradeinservices.Internationaleconomictextbooksexplainthatthecurrentaccountforacountryequalstotalincomeinthatcountry,calledgrossnationalincome(GNI)minustotalexpenditureinthatcountry,grossnationalexpenditure(GNE).Conceptually,acurrentaccountimbalanceissimilartoabudgetsurplusordeficitforanindividual.Thisfactprovidesaneasilyunderstoodanalogywithregardtotheunderlyingcauseofcurrentaccountortradebalancedeficits.Furthermore,itshedslightonthemistakenideathatimporttariffsand/orinducingforeigngovernmentsto"playfair"willimprovetheU.S.tradebalance.Supposeyouhaveajobthatpaysyou,000peryearaftertaxes,butyouspend,000eachyear.Thus,youhaveabudgetdeficitof,000everyyear.Assumealsothatyoubuyalmosteverythingfromafewstoresthathaveverylowpricesbecausetheypayexceptionallylowwages.Itwouldbesillytoblameyourbudgetdeficitsonthefactthatsomestorespaylowwages.Yourbudgetdeficitsrisebecauseyouwanttohaveahigherstandardoflivingthanyourincomeallows—plainandsimple.Ifthegovernmentleviesahighsalestaxontheproductsfromthelow-wagestores,butnotonproductsfromotherstores,thiswillnotinitselfaffectyourbudgetdeficits.Youwillsimplybuylessfromthelow-wagestoresandmorefromothersellers.Thesameconclusionholdsifthegovernmentweretolevyahighsalestaxonproductsfromallstores.Yourbudgetdeficitwouldcontinuetopersistunlessthehigherpricesforallproductsinduceyoutostoptryingtolivebeyondyourmeans.Indeed,ifyouweredeterminedtomaintainyour"highlivingstyle"afterthehighsalestaxeswerelevied,thenyouwouldhavetospendmorethanever,therebyincreasingyourbudgetdeficit.Similarly,theunderlyingcauseofU.S.tradebalanceandcurrentaccountdeficitsisthatAmericans(includinghouseholds,firmsandgovernmentsatalllevels)spendmorethantotalincomeincomesintheU.S.Allhouseholdscombinedspendlessthantheirtotalincomes,i.e.,thehouseholdsectorisanetsaver.However,U.S.householdssaveamuchlowerpercentageoftheirincomesthanmostaffluentcountries.Forexample,historicallytheJapanesehavesavedmorethan20percentoftheirincomes,therebygeneratingtheirpersistenttradesurpluses.ItiswellknownthattheU.S.governmenthaspersistentlylargebudgetdeficits.Thatis,totaloutlays(governmentpurchasesplustransferpayments)consistentlyexceedgrossfederalgovernmenttaxrevenue.Apparently,Americanswantthefederalgovernmenttobuyandgiveawaymorethantheyarewillingtopayforviataxes.Atasuperficiallevel,itappearsasthoughtheU.S.currentaccountandtradedeficitsarecausedbythefederalgovernmentbudgetdeficits.However,ifhouseholdssavedsignificantlymore,thiscouldoffsetthegovernmentbudgetdeficitsandconceivablygenerateabalancebetweenexportsandimports.TherecentgovernmentplanstoimprovetheU.S.'tradeandcurrentaccountdeficitsbyperhapsimposinghightariffsonimportsfromafewcountries(suchasMexicoandChina)isequivalenttotryingtofixyourbudgetdeficitbyimposingahighsalestaxonlow-wagefirms.Thissimplywillnotwork!Thesameistrueifthegovernmentlevieshightariffsonallimports.WhatabouttheargumentthatexcessiveimportsintoAmericaarecaused,inpart,becauseforeigngovernmentsunfairlyhelptheirfirms,therebyenablingthemtosellatrelativelylowpricesTotheextentthatunfaircompetitionexists,thisharmstheAmericanfirmsandworkerswhocompetewiththesubsidizedforeignfirms.However,suchactionsdonotaffecttheoverallsizeofU.S.currentaccountdeficits.Ifallunfairinternationalcompetitiondisappeared,thiswouldincreasethepricesAmericanspayforsomeimports,buttheoverallU.S.tradebalancewouldnotimproveunlessAmericanssay:"Well…nowthatimportsaremoreexpensive,maybeweshouldstartlivingwithinourmeans.Let'sbuylessandsavemore.Also,let'svoteforpoliticianswhowillspendlessandtaxusmore!"Alogicalquestionis"butifU.S.importsdecreasebecausetariffsand/ora'levelplayingfield'makeimportsmoreexpensive,thenwhywon'tthetradedeficitgetsmaller"Theansweristhatimportswillimproveinitially,butthiswillcausethedollartoappreciateinforeigncurrencymarkets.This,inturn,will(a)partiallyoffsetanincreaseinimportpricesfromtariffsand(b)increasetheforeigncurrencypricesofU.S.exports.(Ifittakesmoreyuan,yenoreurostobuyonedollar,thenitalsowilltakemoreforeigncurrencyunitstobuyU.S.products.)Theoverallneteffectofhigherimporttariffsandtheappreciationofthedollarwillbefewerimports,butexportswilldecreasebythesamevalue.IftheobjectiveistoreducetheU.S.tradedeficit,thentheenemyisnotcheapforeignlabororunfairforeigncompetition.Theenemyisus!Americaneedstostoplivingbeyonditsmeans.TheonlywaytoimprovetheU.S.currentaccountandtradebalanceisto:(a)getAmericanstosaveahigherpercentageoftheirincomesand/or(b)reducegovernmentbudgetdeficits.TheauthorNormanC.MillerisprofessorofeconomicsatMiamiUniversityinOxford,Ohio.  

浙江卫视永久停播《追我吧》 还原高以翔猝死过程#标题分割#图片来源:高以翔吧官方微博截图  针对外界质疑,浙江卫视在微博贴出其总监林涌接受《钱江晚报》采访的对话,透露《追我吧》节目将永久停播,并提到相关证据已作封存,供监管部门依法查证。  采访中,林涌还原了高以翔猝死当晚的情形。  他表示11月27日1点26分,高以翔在奔跑了600多米并通过赛道上的装置后,放缓步伐,坐在边上花坛,随后躺倒,此时为1点30分52秒。  林涌称,发现异样后,跟随导演即呼叫现场待命的救护车,距事发位置较近的嘉宾也从主舞台跑向以翔。倒地后1分46秒,现场待命的宁波急救中心医护人员赶到并开始实施专业抢救。  急救20多分钟后,救护车将以翔送往附近的三甲医院——宁波市医疗中心李惠利医院,经过2个多小时的全力抢救,院方宣布抢救无效。  对于网传“在凌晨2点看到救护车赶到现场”,林涌解释称,实际上网友看到的是工作人员拨打120后叫来的第3辆救护车,之后没有使用,空车返回。  此外,他强调每次节目录制现场都备有专业医疗保障团队现场配备宁波急救中心的2辆救护车、3名专业医护人员和2名救护车驾驶员。救护车上配备专业急救设备,包括除颤设备(在抢救中有使用)。  浙江卫视曾发两次声明  高以翔原名曹志翔,1984年9月22日出生于台湾,从小在加拿大温哥华长大。大学毕业后以平面模特身份进入演艺圈,曾出演《遇见王沥川》《101次求婚》《胜女的代价》《彩虹的重力》等影视剧。  11月27日11点46分,高以翔经纪公司发声明证实,高以翔在节目录制过程中突然晕厥,经近3小时候的急救后,不幸离开,家人已紧急赶往当地。浙江卫视永久停播《追我吧》 还原高以翔猝死过程#标题分割#图片来源:高以翔吧官方微博截图  针对外界质疑,浙江卫视在微博贴出其总监林涌接受《钱江晚报》采访的对话,透露《追我吧》节目将永久停播,并提到相关证据已作封存,供监管部门依法查证。  采访中,林涌还原了高以翔猝死当晚的情形。  他表示11月27日1点26分,高以翔在奔跑了600多米并通过赛道上的装置后,放缓步伐,坐在边上花坛,随后躺倒,此时为1点30分52秒。  林涌称,发现异样后,跟随导演即呼叫现场待命的救护车,距事发位置较近的嘉宾也从主舞台跑向以翔。倒地后1分46秒,现场待命的宁波急救中心医护人员赶到并开始实施专业抢救。  急救20多分钟后,救护车将以翔送往附近的三甲医院——宁波市医疗中心李惠利医院,经过2个多小时的全力抢救,院方宣布抢救无效。  对于网传“在凌晨2点看到救护车赶到现场”,林涌解释称,实际上网友看到的是工作人员拨打120后叫来的第3辆救护车,之后没有使用,空车返回。  此外,他强调每次节目录制现场都备有专业医疗保障团队现场配备宁波急救中心的2辆救护车、3名专业医护人员和2名救护车驾驶员。救护车上配备专业急救设备,包括除颤设备(在抢救中有使用)。  浙江卫视曾发两次声明  高以翔原名曹志翔,1984年9月22日出生于台湾,从小在加拿大温哥华长大。大学毕业后以平面模特身份进入演艺圈,曾出演《遇见王沥川》《101次求婚》《胜女的代价》《彩虹的重力》等影视剧。  11月27日11点46分,高以翔经纪公司发声明证实,高以翔在节目录制过程中突然晕厥,经近3小时候的急救后,不幸离开,家人已紧急赶往当地。




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