China & trade: 256% tariffs on steel and a massive metals Ponzi scheme
Ameera David details how the US has called for a 256-percent tax on imports of steel from China. That’s after a US Department of Commerce investigation found that corrosion-resistant steel products from the country were produced at unfairly low prices. Then, on Wednesday, a New Zealand court ruled that Internet entrepreneur Kim Dotcom, who’s being accused of masterminding one of the largest copyright infringements in history, can be extradited to face trial in the United States. Ameera David reports. Melinda St. Louis, International Campaigns Director for Global Trade Watch, is on the show to talk about the Trans-pacific Partnership.
Ameera speaks to Steve Hanke, professor of applied economics at Johns Hopkins University and director of the Troubled Currencies Project at the Cato Institute. He gives us his thoughts on why the deal is “managed” trade, not free trade. And in The Big Deal, Ameera talks to Boom Bust’s Edward Harrison about the case of Fanya Metal Exchange. Over 200 thousand people sunk $6 billion into the trading platform before realizing that it may in fact be a Ponzi scheme.
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