Sept. 13 (Bloomberg) -- China announced a probe into the alleged dumping of American auto and chicken products, two days after U.S. President Barack Obama imposed tariffs on imports of tires from the Asian nation.
Chinese industries have complained that theyâre being hurt by âunfair trade practices,â the nationâs Ministry of Commerce said on its Web site today. The ministry is also looking into subsidies for the products, it said. It didnât specify the importsâ value.
The European Central Bank said last week that rising protectionism may hamper world trade and undermine the global economyâs recovery from recession. The U.S. placed tariffs starting at 35 percent on $1.8 billion of tire imports from China, backing a United Steelworkers union complaint against the second-largest U.S. trading partner.
âWhile thereâs friction, I suspect that the two nations will keep any disputes under control,â said David Cohen, an economist at Action Economics in Singapore. âThey understand that theyâre increasingly dependent as trading partners.â
Dumping is selling goods for less than the cost of producing them.
Chinaâs commerce ministry said yesterday that it âstrongly opposesâ the U.S. decision on tires and may refer the case to the World Trade Organization.
...
âA sluggish global recovery and rising unemployment may increasingly tempt governments to adopt restrictive trade policy measures, which could lead to a retaliatory spiral of ever harsher trade restrictions and tensions,â the Frankfurt-based ECB said in its monthly bulletin. A resurgence of trade protectionism would âsignificantly impair the global recovery processâ and reduce growth potential in the long run, it said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7nGNZzouDOM
Retaliation doesn't take too much time...
Chinese industries have complained that theyâre being hurt by âunfair trade practices,â the nationâs Ministry of Commerce said on its Web site today. The ministry is also looking into subsidies for the products, it said. It didnât specify the importsâ value.
The European Central Bank said last week that rising protectionism may hamper world trade and undermine the global economyâs recovery from recession. The U.S. placed tariffs starting at 35 percent on $1.8 billion of tire imports from China, backing a United Steelworkers union complaint against the second-largest U.S. trading partner.
âWhile thereâs friction, I suspect that the two nations will keep any disputes under control,â said David Cohen, an economist at Action Economics in Singapore. âThey understand that theyâre increasingly dependent as trading partners.â
Dumping is selling goods for less than the cost of producing them.
Chinaâs commerce ministry said yesterday that it âstrongly opposesâ the U.S. decision on tires and may refer the case to the World Trade Organization.
...
âA sluggish global recovery and rising unemployment may increasingly tempt governments to adopt restrictive trade policy measures, which could lead to a retaliatory spiral of ever harsher trade restrictions and tensions,â the Frankfurt-based ECB said in its monthly bulletin. A resurgence of trade protectionism would âsignificantly impair the global recovery processâ and reduce growth potential in the long run, it said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7nGNZzouDOM
Retaliation doesn't take too much time...
