Magox Posted September 12, 2009 Share Posted September 12, 2009 It is payback time, score one for the Unions http://www.bloomberg.com/apps/news?pid=206...id=aCU3AntVg8.k http://www.bloomberg.com/apps/news?pid=206...id=aDaADw2buNgg China “strongly opposes” U.S. President Barack Obama’s decision to impose tariffs on tire imports from China and may refer the case to the World Trade Organization, the Asian country’s Ministry of Commerce said. The U.S. violated rules of the WTO and the tariff imposition is a breach of the commitments made by the U.S. at the Group of 20 summits, the ministry said in a statement posted on its Web site, citing spokesman Yao Jian. The move will harm both countries’ interests and produce a chain reaction of trade protectionism, slowing world economic recovery, it added. The U.S. government placed tariffs starting at 35 percent on tire imports from China, backing a United Steelworkers union complaint against the second-largest U.S. trading partner, according to a White House statement yesterday. The case brought by the United Steelworkers is the largest so-called safeguard petition filed to protect U.S. producers from increasing imports from China. “It is an abuse of the trade remedy measures and made an extremely bad start against the backdrop of global financial crisis,” China’s statement said. China will reserve “all legitimate rights, including referring the case to the WTO.” The decision is a blow to Chinese producers such as GITI Tire Pte Ltd., the largest Chinese tire maker, and U.S. retailers of low-cost imports. Tire Production “By taking this unprecedented action, the Obama administration is now at odds with its own public statements about refraining from increasing tariffs,” Vic DeIorio, executive vice president of GITI Tire in the U.S., said in a statement. “This decision will cost many more American jobs than it will create.” Four U.S. companies have operations in tire production in China and they account for two-thirds of exports to the U.S., and the tariffs will have a direct impact on these companies, China’s commerce ministry said. The U.S. decision of tariff imposition “lacks of support from factual evidence,” according to the ministry. China’s tire exports to the U.S. fell by 16 percent in the first half of 2009 from a year earlier, after a gain of 2.2 percent in the whole of 2008, it said. Protectionism is a very bad idea, I've said this many times before and now we should expect some sort of retaliation. Unfortunately that means companies like Microsoft, John Deer and Caterpillar will feel the brunt, which of course would mean less jobs. Link to comment Share on other sites More sharing options...
IDBillzFan Posted September 12, 2009 Share Posted September 12, 2009 Way to position yourself with one of the few countries buying up your debt. Link to comment Share on other sites More sharing options...
DC Tom Posted September 12, 2009 Share Posted September 12, 2009 "Again". Caves to the unions again. Don't forget the GM bondholders. Link to comment Share on other sites More sharing options...
Chump Change Posted September 12, 2009 Share Posted September 12, 2009 "Again". Caves to the unions again. Don't forget the GM bondholders. (In my best Tony Soprano voice) !@#$ the GM bondholders! If they got a problem wit dat, Lenny here is gonna bust some heads! Link to comment Share on other sites More sharing options...
Magox Posted September 12, 2009 Author Share Posted September 12, 2009 Way to position yourself with one of the few countries buying up your debt. Excellent point. These are the wrong guys to piss off. In regards to DC Tom's comment, yes, they did rip the GM bond holders a new !@#$. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 13, 2009 Share Posted September 13, 2009 Does this mean I have to pay more for my Hankook tires? Link to comment Share on other sites More sharing options...
stuckincincy Posted September 16, 2009 Share Posted September 16, 2009 It is payback time, score one for the Unions http://www.bloomberg.com/apps/news?pid=206...id=aCU3AntVg8.k http://www.bloomberg.com/apps/news?pid=206...id=aDaADw2buNgg China “strongly opposes” U.S. President Barack Obama’s decision to impose tariffs on tire imports from China and may refer the case to the World Trade Organization, the Asian country’s Ministry of Commerce said. The U.S. violated rules of the WTO and the tariff imposition is a breach of the commitments made by the U.S. at the Group of 20 summits, the ministry said in a statement posted on its Web site, citing spokesman Yao Jian. The move will harm both countries’ interests and produce a chain reaction of trade protectionism, slowing world economic recovery, it added. The U.S. government placed tariffs starting at 35 percent on tire imports from China, backing a United Steelworkers union complaint against the second-largest U.S. trading partner, according to a White House statement yesterday. The case brought by the United Steelworkers is the largest so-called safeguard petition filed to protect U.S. producers from increasing imports from China. “It is an abuse of the trade remedy measures and made an extremely bad start against the backdrop of global financial crisis,” China’s statement said. China will reserve “all legitimate rights, including referring the case to the WTO.” The decision is a blow to Chinese producers such as GITI Tire Pte Ltd., the largest Chinese tire maker, and U.S. retailers of low-cost imports. Tire Production “By taking this unprecedented action, the Obama administration is now at odds with its own public statements about refraining from increasing tariffs,” Vic DeIorio, executive vice president of GITI Tire in the U.S., said in a statement. “This decision will cost many more American jobs than it will create.” Four U.S. companies have operations in tire production in China and they account for two-thirds of exports to the U.S., and the tariffs will have a direct impact on these companies, China’s commerce ministry said. The U.S. decision of tariff imposition “lacks of support from factual evidence,” according to the ministry. China’s tire exports to the U.S. fell by 16 percent in the first half of 2009 from a year earlier, after a gain of 2.2 percent in the whole of 2008, it said. Protectionism is a very bad idea, I've said this many times before and now we should expect some sort of retaliation. Unfortunately that means companies like Microsoft, John Deer and Caterpillar will feel the brunt, which of course would mean less jobs. It's all about the establishment of a Praetorian Guard - muscle for the coming one-party government. See the recent Senate plan with union bosses on planned "health boards". Union worker exemptions from punitive taxation http://capoliticalnews.com/blog_post/show/2453 The endless list of "czars". The elimination of secret ballots for union elections. It's inexorable... Link to comment Share on other sites More sharing options...
KD in CA Posted September 16, 2009 Share Posted September 16, 2009 'Caves in'?? There was no 'cave in' here. That makes it sound like he even considered a different course of action. We might as well have pBills as President for all the union giveaways we should expect from this President. Link to comment Share on other sites More sharing options...
X. Benedict Posted September 18, 2009 Share Posted September 18, 2009 'Caves in'?? There was no 'cave in' here. That makes it sound like he even considered a different course of action. I agree...."cave in" suggests a reversal. Link to comment Share on other sites More sharing options...
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