On Tuesday, the EU slapped five-year duties of up to 39.2 percent on steel pipe imports from China. [China Daily] A US government probe that could lead to anti-dumping levies of nearly 100 percent on imports of Chinese steel pipes could escalate trade disputes between the two countries, industry analysts said yesterday. Rising trade protectionism, in the name of anti-dumping and countervailing measures, would ultimately derail economic recovery, they said. The US Commerce Department launched an investigation on Wednesday on whether to impose anti-dumping and countervailing duties on imports of seamless steel pipes from China. The decision came one day after the European Union announced that it would slap five-year duties of up to 39.2 percent on steel pipe imports from China citing material injury or threat to local producers from rising Chinese imports. The US case involves steel pipes used for moving natural gas, water, steam and other liquids. The US commerce department said it accepted a petition asking for the probe from the US Steel Corp, V&M Star LP, TMK IPSCO and the United Steelworkers union. It said imports of the product from China rose nearly 132 percent by volume from 2006 to 2008, Reuters reported. The US petitioners requested a 98.37-percent anti-dumping duty against the Chinese imports and additional countervailing duties to offset alleged Chinese government subsidies. The US International Trade Commission is scheduled to make its preliminary injury determination at the beginning of next month. http://www.chinadaily.com.cn/bizchina/2009-10/09/content_8770361.htm
It's actually rather sad and pathetic seeing America practically destroy itself through the stupid decisions politicians are making.
This ongoing onsie-twosie trade "policy" is illogical and harmful to Americans. The US should simply rationalize all trade with China by slapping a 200% tariff on all Chinese imports until China floats their currency.
You do realize that the U.S is China's biggest trade partner right? If they impose tarrifs the U.S is simply going to hurt itself, it won't make money, China will simply trade with other countries because it can produce almost everything by itself. The U.S does bugger all as a nation now, especially since you've had the collapse of the big car industries and everything.
Since the current relationship between China and the US does not constitute free trade in any meaningful sense of the word, changing the current policy does not constitute protectionism. It's time to do the rational thing - Triffen cannot be ignored indefinitely. By the way, the US is still far and away the world's largest manufacturer. I know that will come as a shock to many.
Yeah, just don't forget that China buy the vast majority of our debt, and if they stop, we are f***** This is playing with fire
So if I loan you all my money and you don't pay me back you're the one whose fucked? There is a reason you don't make money in the markets.
Might not be true. USA final prices have labor component based upon $20/hr or more. China @ what, $1/hr? Are we measuring only the "final price" or "number of units"? China may already be #1, depending upon how measured.
Nonsense. The chinese are buying very little US debt. The Fed is buying most of it. The Fed is both the issuer and buyer of government debt. How funny is that?