If Economists Wrote the News on Trade Protection

This is pretty funny if you've ever taken an Economics course:

WASHINGTON POST (Reuters) – A U.S. trade panel gave final approval on Wednesday to dutiestaxes *ranging from 10 to 16 percent on *cost-conscious firms in the U.S. who purchase low-priced Chinese-made steel pipe* rather than high-price domestic pipe, in the biggest U.S. trade case to date against China American
companies (and their shareholders, employees, and customers) who shop
globally for their inputs and find the best value in China.
*

Companies in Tthe U.S. importedsearching worldwide for the best value purchased $2.74 billion of low-priced
“oil country tubular goods” from China in 2008, more than triple the
previous year, as a surge in oil prices led to increased demand for the
oil well tubing and casing.

Buoyed by success against American steel-using companies and their employees
in the tubing case, the Steelworkers union and a number of companies
are filing a new petition on Wednesday asking for anti-dumping and
countervailing duties taxes on American companies, their employees, and customers that purchase drill pipe used to drill oil wells.

U.S. companies and unions brought about a dozen trade cases in 2009 against American industries that shopped globally and decided to purchase cheap goods from China rather than expensive goods from domestic producers, alleging overly generousgovernment subsidies from the Chinese people and unfair pricing practices
that directly benefited American steel-using companies and their
employees, and ultimately benefited U.S. consumers with lower prices
.

President Barack Obama also angered Beijing in September by slapping a 35 percent dutytax *on *thrifty, cost-conscious middle- and lower-class American consumers who willingly bought imports of about $1.85 billion of inexpensive
Chinese-made tires. The United Steelworkers union, which was the
driving force behind the tires case, joined with Maverick Tube Corp,
United States Steel Corp and other U.S. manufacturers in asking for
import dutiestaxes *on *American companies (and their employees, shareholders, and customers) that decide to purchase low-priced Chinese-made pipe rather than high-priced domestic pipe.

*Mark Perry via Ben Casnocha
*