New WTO Trade Deal Will Exempt IT-Related Products From Import Tariffs (cio.com)

itwbennett writes: Under an agreement finalized Wednesday that applies to all 192 member countries of the World Trade Organization (WTO), tariffs on imports of consumer electronics will be phased out over 7 years starting in July 2016. The agreement affects around 10 percent of the world trade in information and communications technology products and will eliminate around $50 billion in tariffs annually, according to IT industry lobby group DigitalEurope. It expects a $190 billion boost to global GDP from the changes.

Comments

Don't worry everyone...

[ADRA]

This will clearly help the world redistribute wealth into everyone's pockets...

Re:Don't worry everyone...

[Anonymous Coward]

Organizations like WTO, WIPO, and the UN along with treaties like NAFTA, TPP, TTIP, and dozens of others aren't so much about redistribution of wealth (that's a secondary goal) as they are a means of removing decision-making power (ie. Sovereignty) from nations.

Take a look at the details of any of these deals and you'll see that they all override the laws of the nations that foolishly sign on. Once a nation can no longer write laws, what are they left with?

All courtesy of the the megalomaniacal globalist elite who keep pushing for their one world government.

Re:YAY!!

[currently_awake]

You don't understand how this works. Tariff free doesn't mean the retail price of stuff drops, it means the company selling it pays less tax and therefore makes more profit.

WTO Sucks!

[GerryGilmore]

There has never been a worse trade agreement ever signed by America. Sure, it's been fantastic for the Asian countries but - being an American - you'll excuse me for putting my country's interest first. Let's look at the results: destruction of American manufacturing; elimination of decent middle-class wages; tremendous profitability for the elite "owners" (and don't give me the crap about how - since pension funds invest in mega-corps it benefits retirees when they do this) of said mega-corps; and....the complete abrogation of national sovereignty that it brings. How many of you know that the WTO can (and has) declared American laws "illegal" under the WTO agreement due to a loss of profit to int'l corps and the American citizen has had to either: change our laws or pony up taxpayer $$$ for the "fine". Yeah, tell me again how this is great for America.....

$190 billion in global GDP

[rsilvergun]

Doesn't really matter much to me. The Tarrifs OTOH help protect local business and when there is no local business fund my gov't. I read somewhere that a bunch of well-to-do kids from the ivy league were surveyed about their thoughts on the economy and what came out was they were only concerned with growing the economy. They weren't evil or anything. They were just completely focused on growing the economy. If they did good in the process bully for me, if they did bad oh well. They weren't immoral, they were amoral.

In a lot of ways that's worse. It tells me that they're focused completely on the share of that growth they get. There's a name for that, rent seeking. There's a less cheerful name for it too, parasites...