U.S. industries like US Steel are petitioning the WTO for sanctions against China, and they are winning.
"Steelmakers Accuse China of Dumping in the U.S.
"...Within the past two years, U.S. steel companies have won antidumping cases in four other tubes and pipes trade cases against China. U.S. steel producers win more of these antidumping cases than they lose but the punishment varies. Sometimes there is a quota and other times there are additional surcharges...."
And yet, business newspapers like the Wall Street Journal are still raising the bogeyman of Smoot-Hawley to oppose such sanctions, calling them "Smoot-Hawley style protectionism."
Economists resist changing with the times, because they are idiots. They are too busy clinging to failed ideas like Keynsian economics and deregulation and free trade - the very things that have wrecked our economy.
And newspapers like the NYT have finally taken notice, as shown in the article you posted in your other question.
The time has come to throw out the old failed economics, and start over with a fresh sheet of paper and re-invent economics from the ground up. Clearly all existing economic theory has only led us to disaster.
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