Irony alert: China cries fowl

Discussion in 'Wall St. News' started by ASusilovic, Sep 29, 2010.

  1. Minyanville has picked up on the irony of the month, following Monday’s news that China, which was the largest importer of US chicken in 2009 ($752.2m), will impose new ‘anti-dumping’ duties on chicken parts and whole birds, ranging from 50.3 per cent to a whopping 105.4 per cent.

    Announcing the duties, which will be in place for the next five years, China’s commerce ministry said US producers were engaged in “dumping” which made it difficult for China’s domestic chicken industry to compete.

    “Jeez”, says Minyanville’s Justin Rorhlick, “I wonder what that must be like?” He continues:

    I’ll just sit around tonight and ponder this in my $3 Chinese-made t-shirt while I watch a movie on my $20 Chinese-made DVD player after which I will clean the apartment with my $79 Chinese-made vacuum, order some $5 Chinese food from the place on the corner, then drift off to sleep on my $199 Chinese-made mattress between my $19 Chinese-made sheets.

    Then, tomorrow morning, I’m going to wear my American flag lapel pin, to show everyone just how upset I am about all this.

    Indeed, we haven’t seen such deliciously self-righteous outrage since China’s newest — and first — credit rating agency in July accused the big western agencies of being “politicised”, “highly ideological” — oh and also, lacking in objectivity.

    More seriously, as 24/7 WallSt notes:

    The fight over chickens is only one salvo in a barrage between the US and China over whether goods are dumped in each others markets. Underlying these disputes are rising tensions over the value of the yuan. The House Ways and Means Committee has approved legislation that would punish China if it does not reset its currency – or rather would force the Commerce Department to do so. Whether the entire House will approve a bill is not certain. The President might also veto it.