By Brink Lindsey
Almost immediately, the U.S. stands by myself in opposing significant reform-an untenable place. during this publication, the authors clarify how those insidious ideas have continued, and why and the way to advertise a profitable antidumping reform method.
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Extra info for Antidumping Exposed: The Devilish Details of Unfair Trade Law
Those distortions confer an artificial advantage on foreign producers when they are selling in the United States—they can sell at lower prices than would otherwise be possible. , selling at lower prices in the export market than at home) supposedly signals the existence of a protected ‘‘sanctuary’’ home market. According to Greg Mastel, one of the few economists who firmly supports the use of antidumping laws: If a company engages in dumping in foreign markets and its home market is open, the price differential will induce the company’s competitors or other resellers to re-export dumped products to the dumper’s home market.
Rivals. ‘‘A closed home market allows companies to charge high prices at home because they face no foreign competition,’’ Mastel explains. ’’2 As to sales below cost, the contention is that the foreign producer could not sustain its losses in the absence of market-distorting government policies back home. Here again, a domestic sanctuary market could be the culprit: profits at home could allow a company to take losses abroad. Alternatively, government subsidies could prop up a company in spite of its losses.
It is true that price differences will create incentives for arbitrage, but taking advantage of arbitrage opportunities entails costs. Most obviously, there are the costs of shipping goods to the high-price market. In addition, there are all kinds of hidden transaction costs: the cost of identifying the price differences in the first place, the cost of obtaining supplies in the low-price market, and the cost of finding willing buyers in the high-price market. Those costs may not be significant for fungible commodities with well-established spot markets and public prices, but for other commodities they are capable of overwhelming the price gaps in question.