This page has been archived and commenting is disabled.
Trade Wars Part V - The Empire Strikes Back: US Says It Will File Two New WTO Cases Against China
Well, that didn't take long. Just headline for now, will bring more asap.
BN 11:32 *U.S. SAYS IT WILL FILE TWO NEW WTO CASES AGAINST CHINA
BN 11:33 *U.S. SAYS WTO CHINA CASES ARE ON STEEL, FINANCIAL SERVICES
More from Reuters:
The U.S. Trade One case covers Chinese trade barriers that discriminate
The other case challenges anti-dumping and countervailing
Representative's office said on Wednesday it has filed two new
cases against China at the World Trade Organization for alleged
violations of global trade rules.
against American credit and debit card companies that want to
participate in China's electronic payments market, U.S. Trade
Representative Ron Kirk said in a statement.
duties that China has imposed on a specialty steel product from
the United States, Kirk said.
»
- 5772 reads
- Printer-friendly version
- Send to friend
- advertisements -
At least that gives work to paper pushers.
Financial Services?!
What, China won't let us export sub-prime loans?
84 month used car loans?
15 year interest only Jumbo 750k+ mortgages?
WTF China, that's where it's at!
WTO filings against China on Financial Services a day after China declares they will allow their banks to start getting into the CDS business should remove any doubt about the fact Uncle Sam is Goldman Sach's biatch.
http://dealbook.blogs.nytimes.com/2010/09/15/china-to-allow-limited-credit-default-swaps/
China is a nationalistic country. They are not going to allow foreigners practice usury in their society.
It's not China that's worried about Goldman...
http://finance.yahoo.com/banking-budgeting/article/110665/goldman-conspiracy-helps-china-defeat-us?mod=bb-budgeting&cmtnav=/mwphucmtgetnojspage/headcontent/main/110665//date/desc/11/s1005289
I don't understand your point.
Off course China doesn't have to worry about Goldman Sachs. They are a nationalistic society. Foreigners cannot practice usury in that country.
That's about the size of it. Rather sensible policy if you ask me.
Never trust Americans bearing Bankers.
but what the US really wants to file is a rare earth elements claim with the WTO...but china is ahead on that front due limiting production quotas and not export/price controls, with the former being acceptable and the latter being a violation
+1 china
-1 China you mean.
There are plenty of rear earth mines in the world, many times bigger then the Chinese. It only takes 1 year to reopen them.
The main issue is the polution question.
Too true. The Chinese trashed their ecology and used it's cheap labor to supply rare earths to themselves and had enough left over to supply the world at cut rate prices. This forced most suppliers out of the market. It is similar to Brazil supplying alcohol at prices too low for many to compete.
Part of Brazils advantage is the large amounts of sugar cane. Unlike corn, sugar cane can be used directly in the ethonal process, increasing efficiency of the operation.
Destroying ecology to harvest shit to make solar panels to supposedly save ecology is exactly why we're f@cked.
I'm just hoping ecology catches up to China before China catches up to us.
according to Dines and Clifton, china has 97% of the world's deposits but also as important in the short-intermediate term, they also have most of the production capacity/expertise in the world for rare earth metallurgy. the polution issue is china's official "excuse" to curtail production, while its real reason is a strangle-hold on reare earths
trade warz ninjaz...
Isn't there a WTO (or some other "world" referee) report coming out this week regarding the Boeing/Airbus battle, this time against Boeing?
Oh, you mean that ruling showing NASA and the DOD's underhanded bribery? Or was it life-support for Boeing? There went $20 billion, but of course, that's a rounding error nowadays.
http://www.bloomberg.com/news/2010-09-15/boeing-aircraft-subsidy-ruling-submitted-by-wto-in-trade-dispute.html
And also shows that the financial powerhouse known as the great state of Illinois altruistically gave up some tax revenues as well?
http://chicagobreakingbusiness.com/2010/09/wto-report-cites-illinois-tax-breaks-to-boeing.html
Actually the ruling was "confidential" and thus you and I don't know what it said. All we know is the allegations made by Airbus. Nor do we know what the ruling was last year re Boeing against Airbus. This has been going on for 6 years now and each side may appeal the ruling to a number of higher levels. Expect resolution in 10 years.
I can't believe we would attempt to bite the hand that feeds...next stop...end of globalization
Gotta have someone to blame when it all starts unravelling...
We can only hope....
I have posted about this before we need to bring some jobs home, fuck China.
Now all we have to do is restart and rebuild our entire textile industry so we can all have underpants and sneakers in the future.
You got that right. Love to see millions of union jobs paying $80/h wage+benefits+pension.
Mmmm - trades wars, always good for international GDP growth. We know history, but are doomed to repeat it anyway.
As we say in Texas, Geehaw, ride 'em cowboy!
Are we concerned they stole our idea for CDS's?
There are still no legal frameworks in place to litigate AFTA disputes over steel.
Another ZHer can chime in, but this is extra-judicial saber rattling as the foreign treaties stand at this point.
japan intervenes in FX and we whack at china...
i know they're not directly related, but it just sounds like the beginnings of a crazy cat fight.
Too bad it ain't just between some chicks!
Boobies!!
they are totally related; the chinese are buy the yen. that is why it is so high; they are trying to crush japanese exports so they can take over.
+1
That's what's interesting about trade wars: They are wars.
China buys yen, crushes Japanese exports, then China takes over.
The *next* interesting thing is that this "take-over" will very easily extend into physical land occupation. In fact, I've heard that a few decades ago Japan occupied all of China. I wonder if anyone else remembers that?
It's not "can it happen?" nor even "is it likely?" Instead, the *real* question is, "Why would China *not* do that?"
If you answered, "because they are nice", then we find that un-persuasive.
I answered, "Because they like kitties."
If someone likes kitties, then they would never try and do anything to hurt anyone else!
Right Dr. No?
True, it *has* worked in the past, to some extent ...
LOL
Unfortunately you're missing the next few pictures of the series showing the bastards stuffing the poor kitty down the mortar tube and firing the ball of fur at the onrushing Ruskies.
Actually the next panels show SchutzStaffel UberGrupeFuhrer Satanic Kitten "instructing" these lowly Brown Shirts in how she wishes to be addressed. Only one in three survives to the final panel and is inducted into the "Kitty knows Best" corps.
The very fact that you come up with these....er....interesting pictures has me extremely worried for your soul.
Carry on mikla. :>)
YOU understand cats.
are you talking about the bolsheviks? the nice fellows who murdered 20 million of their own citizens?
Coming soon to America.
Not without a fight CD.
Many Chinese view the reunification that began in the 1930s as yet unfinished, and they attribute that fact to the interference of the Western powers, who have always had it uin for them (such as when Truman parked the 7th fleet in the Taiwan strait to prevent the CCP from retaking it. The goal of China's reunification project is to restore it's borders and status among its neighbors to what they were in the Tang dynasty (or the Ming, whichever is larger.) Japan was formerly a tributary state and so at some point was virtually every other country they had regular contact with.
Also most Chinese believe that any country that uses their writing system is in some sense also Chinese and therefore fair game as far as reconquest goes. That includes not only Japan, but Korea and Vietnam as well. (Korea and Vietnam don't use Chinese characters very much now, but they used to and that counts.)
Also Chinese view revenge as a duty, not a vice like the Christian world does. If they have a chance to put the screws to the Japanese they absolutely will. There's a blood debt to be paid, and Japan's proper place is under China's suzerainty.
Grouch Marx: Clancy, you said the secret word "suzerainty". You win $100.
http://www.youtube.com/watch?v=JFgFJGc0VAg
http://english.pravda.ru/science/mysteries/10-12-2009/111031-nostradamus-0/
The steel horse rides above fire;
Promises go unkept:
Besieged is the land of water;
Virgins die at the hands of a Titan.
-LH
PS, bank on that happening sometime in the future.
All of that happens pretty much every day already.
I get paid per line.
Haha, excellent. Bonus points for 100% accuracy.
Hah, I'll give that Russian Futurist credit...a few of those are relatively specific.
Nostradamus ... Isn't that the same dude who called out 1999 specifically as a date when big shit would go down, and nothing happened?
Yeah.
Na that was Prince.
Party like it's 2012 just doesn't have the same ring to it.
lol
Wow, that Nostradamus forecast software programmers being lazy and only allowing 2 digits for a year in a database architecture?
How the hell did that guy predict Y2K?!
In order to bring about the third world war our masters so desire, trade relations with China must first be destroyed.
YEP!
I really hate it when people talk about WW3. The fact of the matter is that there is a very slim chance of WW3 ever happening. Why?
Nukes. Nukes have in large part prevented the idea of full scale mechanized battlefield total war (i.e. WW2). I think about it. If China invaded California (God willing), our military would be caught off guard and probably in a losing streak due to sheer numbers. So what better way to fix that situation? Well drop a nuke and wipe out the Chinese beachhead.
Yeah it might be an unpopular move by the President but what's better? Amputate your left hand which holds the flesh eating virus or.... letting it consume the body?
Further it has been show that the countries where people earn at least $3,000 per capita are a lot less likely to enter war/civil unrest/civil war.
We Americans love to brag about how we Un-Nazied Europe and Defeat the Ruskies in Nuclear Roulette and finally killed the Soviet Machine with David Hasselhoff and Reagan's acting skills, but those days are gone.
Should a WW3 break out, there would be no winners. Everyone would be dead. The cockroaches will live on to become the superior race.
We're already causing the 6th great extinction event. The cockroaches already are moving that direction.
You can never discount crazy people -- either leaders or populace.
No future war will ever be called WWIII because that name to most people means the end of the world.
Hmm, well I guess that wipes out Russel Napiers previous economic observations which lasted for 5 minutes.
This will be seen as bullish for equities
You think those USW PAC commercials come without strings attached.
Some Chinese sabre rattling on the nuclear option in US treasuries?
http://www.telegraph.co.uk/finance/currency/8002719/Chinese-think-tank-w...
Its just not fair that China can inflate its very own Great Asset Bubbles without the help of our seasoned shylocks!
Team Obama is pitiful. They don't even know how to use trade protectionism to garner votes. What...do they think Wall Street is suddenly going to support them because they are initiating a WTO claim for financial con men?
BTW, there is a typo in your report.I think you meant "Steal" and Financial Services.
THE GREAT WALL OF FINANCE
http://williambanzai7.blogspot.com/2010/09/bank-of-china-propaganda-post...
"The toes you step on today might be connected to the ass you have to kiss tomorrow"...
Goldman needs access to China!
Singapore is close enough..
I hope this dosent affect my Apple shares and Google share. They are doing so nicely. By the way, The Chineese did a great job on my IPhone 4 and MacBook pro.
just wait til your applecare runs out
Correction..Chinese
How many Chinese suicides does it take to make an IPhone 4?
2.....many.
Right answer! We have a loser!
Really? I never heard about that. I apologize if I offended anyone.
Nah, nah, nah. Nothing like that. Look into Foxconn. It is the ugly truth about China. You and I and all of us on these machines are part of the whole deal. We lose jobs, get cheap electronics, they get shitty jobs we'd never work, another prick makes a few billion. Win/win eh?
http://www.techeye.net/business/terry-gou-tries-to-justify-foxconn-working-conditions
As long as we have Zimbabwe Ben and the Magic Printing Press we need fear not! We can afford to piss on pour largest creditor because hey there is always a buyer right?
Good.. but the US should just tell China... no more free ride on innovation and technology nothing! . What does it matter the dollar will be toast anyway. Got Gold?
the bankers r at the root of all the globes torubles...
it will never end until their control of governments is forcebly removed...if violently then so be it...
"We have a track record of attacking high-profile economic targets and financial institutions such as the City of London. The role of bankers and the institutions they serve in financing Britain's colonial and capitalist system has not gone unnoticed.
Let's not forget that the bankers are the next-door neighbours of the politicians. Most people can see the picture: the bankers grease the politicians' palms, the politicians bail out the bankers with public funds, the bankers pay themselves fat bonuses and loan the money back to the public with interest. It's essentially a crime spree that benefits a social elite at the expense of many millions of victims."
http://www.guardian.co.uk/uk/2010/sep/14/real-ira-targets-banks-bankers
World Trade is a scam on the middle class. I don't care how cheap the shit is, you can't buy it when you're unemployed.
Thank you.
Amen.
Off-topic..
By the way TD just had a chance to check with the Googlebot and your GLD ETF post(09/15) where you mentioned 'thanks to the magic that are "convex" events, the resulting feedback loop will only...'
'Convex events' !
'Twould be the first time per Senor Google that you've ever used that phrase...
Has some one been sending you my mail?
Verily, keep sniffin' down that rabbithole Alice and someone may have to change your Wiki page.
'Tis fractalicious! Adherents of the 'ex-theory' purporting that the bubbles in your portfolio are caused by the bubbles in your soda pop need pay no attention to this post.
AM, imitation is the sincerest form of flattery
This could get ugly.
Is it me or are things actually picking up speed in getting worse?
In Europe we had pension strikes today in France, Belgium and Germany.
Older people who urgently need a raise in their pensions to get by.
Becuz, ya know, actually going back into the work force is a bit of a non-starter...
Ding Yifan, a policy guru at the Development Research Centre, said China could respond by selling holdings of US debt, estimated at over $1.5 trillion (£963bn). This would trigger a rise in US interest rates. His comments at a forum in Beijing follow a string of remarks by Chinese officials questioning US credit-worthiness and the reliability of the dollar.
http://www.telegraph.co.uk/finance/currency/8002719/Chinese-think-tank-w...
Them is fightin words...
China benefits greatly from the status quo. So I say obliterate the shit out of it.
Time for the fight, before we become too enfeebled. If it's not already too late...
Let the trade war start already, The USA, Europe and Japan need force the Chinese to let their currency rise in value. We should also match the protectionist tariffs and local content rules the Chinese use.
What a bunch of crooks central banks are.
BULLET: JAPAN: Nikkei News item on intervention says that....
15-Set-2010
JAPAN: Nikkei News item on intervention says that intervention today
topped Y2 trillion, about $23.5 bn, though they don't say where they got
that figure from. The amount is slightly larger than the $15-20bn
estimates we had been hearing during the day and Nikkei notes that it
ranks as the lagest single day's intervention on record by the BOJ .
Just heard tomorrow's claims report just leaked.....SPU's ramp!
Can't say you heard the leak and then not post it...if it leaked then send it. Otherwise you degrade your status to FOS.
Wasn't leaked to me. I inquired. That was the answer. It'll get proven right or wrong tomorrow 8:30EDT.
See your sell-off of U.S. treasuries and raise with Pershing II and tactical nuke deployment to Taiwan and Japan.
Trade wars and Norway and Ruska start making large claims in the arctic.
Peak everything...is becoming a more interesting event.... Just like ants or chimps...the war over resources and value trade begins.
http://www.zerohedge.com/article/peak-everything-interactive-look-how-mu...
There will be blood.
Guess that explains the rally in MA today
Like I posted earlier, the true trade wars will only be shown when the tarifs on import start spiking.
In Europe electronics will soon get a +15% import tax.
Obama's hero, FDR, loved wars too!
Between the PRC is willing to overkill the Basel III cap requirements and China easily making up for any lost exports by simply making cheap credit available to their poor cousins in the non-coastal regions, I think it would be a material sign of national weakness if China stands down on all the "trade war" dogma. Plus the IMF is also there feeding more cash for more development. I don't see the IMF funding NOLA cleanup. With those USD reserves, China can cry havoc with trade and access and the 1997 Asian currency crisis was a great training ground. Will they use that leverage to put pressure on Japan now that Japan elected an interventionist? Another great trading-training ground for China's cyber-algo warriors of the 21st century. The race is on for the next reserve currency. Will it be the XDR or CNY, or will petro-dollars hiding in the gulf keep the USD teetering like their puppet monarchies? There is a reason Buffet is appointing a Chinese guy to run BRK.
Doesn't the Empire eventually lose, after the Death Star (?Fed) gets blown up not once but twice?
Look-a busy! Look-a busy! Its election season!
Withdraw from the WTO.
I found lots of interesting information here. I love zerohedge.
virtual server hosting
windows 2008 vps hosting
mssql hosting
windows vps server