Chinese Steel Pipe Producers Violate Trade Law
The Washington Post reported that the U.S. Commerce Department has issued its premliminary findings that Chinese steel pipe producers are in violation of trade law because of received subsidies from the Chinese governement.
The subsidies from the government allowed the Chinese steel pipe producers to triple its imports into the U.S. market, dominating the U.S. steel producers within its own market. The United Steelworkers Union and six companies filed a compliant stating the Chinese producers received a discount on the raw materials and government-funded loans.
The U.S. Commerce Department ruled to impose a 11 to 31 percent tariff on all imported Chinese steel pipes.
The ruling “means that from this day on that U.S. producers won’t have to compete against the government of China,” said Roger Schagrin, an attorney who represented the United Steelworkers and four U.S. makers of steel pipe in the case. “They can have a chance to recover.”
To read the full article, click here.
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China To Be World’s Leading Exporter in 2009
According to the World Trade Organization (WTO), China will become the leading exporter by value this year, pushing Germany out of it’s number 1 spot.
China exported $1.43 trillion worth of goods just under Germany at 1.46 trillion. Reports show that Asia is leading the recovery in global trade from the hard felt recession, making it possible for China to step up as the new leader in exporting.
Read the full article from International Freighting Weekly, click here.
U.S. is “Tired” of Too Many Imported Chinese Tires
After the United Steelworkers Union brought a case before the International Trade Commission(ITC), the US federal agency is recommending tariffs be placed on imported Chinese tires, reports the Finanical Times in the U.K. The Union stated a surge of imported of Chinese tires has affected domestic tire makers, causing an estimated 7,000 lost jobs. The recommendation from the ITC is to impose a $1.7 billion tariff on Chinese tires for the next 3 years.
The President has until early Fall to decide if he will impose his tariff.
This is really the Obama administration’s first test on whether it is going to be protectionist or not,” said Chad P. Bown, an economics professor at Brandeis University and fellow at the Brookings Institution.
In 2001, the World Trade Organization created section 421 of the trade law after China joined in membership, this allows member countries to restrict Chinese imports if they decide a surge of imported products has damaged domestic businesses. This will be the first time the U.S. has filed for a tariff under this section.
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To read the full article, click Finanical Times
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A New Fundamental Framework for Trade with China
Will China work with the U.S. to improve its trade relations or be left out in the cold?
Yesterday, Textile World reported two U.S. trade officials from the Obama administration are speaking out to seek cooperation and diplomacy with China to address the economic crisis. The officials have spoken openly about its issues with U.S. trade relations with China,
“such as the trade deficit, currency manipulation, intellectual property violations and illegal subsidies; but they emphasized the need for a “positive, cooperative and comprehensive relationship.”"
Timothy Geithner, U.S. Treasury Secretary states that the U.S. and China are already working together to build a strong global trade strategy to lessen the blow of the economic crisis and build a plan for its future, post recovery.
President Obama states that the United States needs a “new fundamental framework for trade” so Americans can feel the benefits of trade. The Obama administration would like the U.S. to have trade agreements that include a stronger labor and environmental standards.
U.S. Trade Representative Ron Kirk says the U.S. government is “committed to working with China.”