Free Markets, Free People

Will Waxman-Markey Inspire A Trade War?

Apparently it will according to some who have actually beaten their way through the entire bill and read the contents:

The Ways and Means Committee’s proposed bill language (pdf) would virtually require that the president impose an import tariff on any country that fails to clamp down on greenhouse gas emissions.

Of course in this full bore onslaught of major life changing legislation which the Democrats seem determined to push through the Congress as quickly as they can (citing the imminent crisis it will foment if they don’t), this issue seems to be lost in the shuffle:

“This is a sleeper issue that lawmakers have not been paying enough attention to,” said Jake Colvin, vice president for global trade issues at the National Foreign Trade Council, which represents multinational corporations like Boeing Co. and Microsoft Corp. advocating for an open international trading system.

“The danger is, you focus so much on leveling the playing field for U.S. firms, that you neglect the potentially serious consequences that this could have on the international trading system,” Colvin said.

Ya think?

Nancy Peolosi is aiming for a vote in the House this Friday, before the July 4th recess. That obviously will mean very, very limited debate, if any. As NRO notes:

Not content to tempt political fate by imposing huge carbon taxes on the American middle class, Democrats have added a provision which imposes stiff tariffs on our trading partners if they don’t adopt aggressive carbon restrictions of their own.

You heard correctly: progressives have authored a bill that earns the mortal enmity of domestic energy consumers and our most crucial trading partners at the same time. Economy-killing climate policies and a trade war — together at last!

The devil is in the details:

Leaks from Hill offices indicate that the president would now be forced to impose the carbon tariffs — and could only opt out of doing so with permission from both chambers of Congress. Carbon-intensive imports would be subject to penalties at the border unless the country of origin requires emission reduction measures at least 80 percent as costly as ours. (The original Waxman-Markey bill had a threshold of 60 percent.)

Brilliant. Of course, some are going to argue that such measures surely will not be in the Senate version and not survive the reconciliation process when the two versions are merged. With this Congress I wouldn’t bet the farm on that.

There’s some talk that the blue dogs are going to oppose this bill. Obviously you would expect the GOP to oppose it as well. Are there enough other Dems to oppose so as to defeat it? Pelosi may not be the sharpest knife in the drawer when it comes to many things, but over the years she has learned to count votes I’m sure.

Bottom line: this bill is an economy killer, plain and simple. But it is also a progressive wet-dream shared by Pelosi. She is going to do everything in her power to push it through the House.

~McQ

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17 Responses to Will Waxman-Markey Inspire A Trade War?

  • This is the Smoot-Hawley redux that will bring on the Obama Depression

  • who have actually beaten their way through the entire bill and read the contents

    You know, I’m possessed of a fair amount of self-loathing, but even I don’t hate myself enough to do that.

  • Is this what they mean about “spreading the wealth?”

  • It would be an economy killer even without the anti-trade provisions.  I once thought that the Democrats were trying to bring back the heady days of the late 1970′s and stagflation.  Now I am sure that they are aiming at nothing short of 1933 and world wide depression.

  • They’ll draft and pass ‘something’ they’ve spent too much political coin swearing up and down we HAVE to do it to save the world.
    Same for that  can of spam we’ve got in the White House.
     

  • There should be a sustained and consistent message to the Democrats: if you vote for this crap and trade, you will lose your job. It is as simple as that. Don’t come to us telling us that this is to make pollution go away, or to create trillions of “green jobs” that could take a century to create. This will mean that the American household, bitten by the Obama Recession (soon to be The Obama Depression), is about to be taxed more and more so that Democrats can feel better about themselves.

    If the Democrats do not get punished for pushing this garbage through, then all is lost.

    Call your congressman and congresswoman. Tell them that there will be a cost to their careers if they vote for this.

  • 1.  It will pass

    2.  It will cripple if not collapse our economy, causing a world-wide depression

    3.  The Annointed One will become the next FDR, venerated for his visionary leadership

    4.  The United States will disintegrate

    233 years, shot to hell.

  • No, I don’t think he will get away with it.  In FDR’s time you had the same complacent media, and the same left wing lies, but you also had a mostly rural, and very unsophisticated population who probably naively thought that anything a nice man like FDR told them had to be true.
    Things are a bit different today. Some will contine to blame Bush, but as time goes on that will be a much more difficult case to make.  And in today’s world there are different opinions, and they get out to the people.  Besides which most Americans will not trust a politician ever.

  • The report that the EPA wanted to be “disappeared.”

  • Hey, have you seen this news article?
    New details about Michael Jackson’s Death Emerge
    I was wondering if you were going to blog about this…

  • kyle8 – “No, I don’t think he will get away with it.  In FDR’s time you had the same complacent media, and the same left wing lies, but you also had a mostly rural, and very unsophisticated population who probably naively thought that anything a nice man like FDR told them had to be true.”

    How many libs (including our resident lefties), no matter whether urban, suburban or rural; no matter what education level; no matter how much news they get from MiniTru or the internet; will believe ANYTHING that TAO and the democrats tell them?  And even if they don’t believe it, they’re so busy keeping up their hatred of Bush that they’ll EXCUSE anything?

  • Pingback: Plumb Bob Blog
  • but he spoke out against a provision that would impose trade penalties on countries that do not accept limits on global warming pollution.
    Mayor: Is this true?
    Dr. Peter Venkman: Yes it’s true.
    [pause]
    Dr. Peter Venkman: This man has no d.ck.