World Trade

Furious China Slams "Irrational" US Trade War, Warns "Will Take Steps"

Overnight the Commerce Department escalated its trade war with China when it implemented the latest clampdown on a glut of steel imports, when it announced that corrosion-resistant steel from China will face final U.S. anti-dumping and anti-subsidy duties of up to 450%. China's Commerce Ministry said it was extremely dissatisfied at what it called the "irrational" move by the United States, which it said would harm cooperation between the two countries. "China will take all necessary steps to strive for fair treatment and to protect the companies' rights," it said, without elaborating.

China Furious After US Launches Trade War "Nuke" With 522% Duty

China is livid: as a result of record Chinese steel dumping, the US unleashed what is nothing short of a nuclear bomb in its rapidly escalating trade war with China, by imposing duties of 522% on cold-rolled steel used in automobiles and other manufacturing. In doing so it has effectively rendered Chinese exports to the US unsustainable and will force even more excess Chinese production to remain landlocked within China's borders, making the domestic glut that much worse.

SaxoBank CIO Warns "Central Banks Can Do Nothing"

Saxo Bank chief economist Steen Jakobsen said that zero rates, zero growth, zero productivity, and zero reforms have left a great many countries adrift in a “new nothingness”. The products of this nothingness, said Jakobsen, include apathy, stagnation and “an economic outlook based more in peoples’ heads than in reality”.

The Destabilizing Consequences Of Globalization

This globalization of price - for goods, services, credit and currencies - continually creates imbalances that fuel a perpetual instability that gradually impoverishes every sector other than global capital, which being mobile, can exploit the imbalances for its own profit. Who benefits over the longer term from the permanent instability and boom-and-bust cycles of this arrangement? Only those close to the credit spigots of central banks.

Air Freight Volumes Across Largest Global Market Tumble 15% In First Quarter

Yes, everyone knows the recent global trade deterioration it is the result of major economic problems in China which have depressed Asian trade with North America, but we doubt anyone knew just how bad it was. According to IATA, the latest available data by route show that air freight volumes across the Pacific – the largest market in terms of air freight tonne kilometres (FTKs) – were almost 15% lower during the start of this year compared to the same period in 2015.

The Central Bank War On Savers - The Big Lie Beneath

The central bank war on savers is rooted in a monumental case of the Big Lie. Here is what a retired worker who managed to save $5,000 per year over a 40 year’s lifetime of toil and sweat in a steel factory now earns in daily interest on a bank CD. To wit, a single cup of cappuccino. Yet the central bankers claim they have absolutely nothing to do with this flaming economic injustice.

One More Casualty Of The 9/11 Farce - The Petrodollar

It’s been about 15 years now since passenger airliners struck the World Trade Center towers on 9/11, and we are still suffering the consequences of that day, though perhaps not in the ways many Americans might believe. The 9/11 attacks were billed by the Bush Administration as a “wake-up call” for the U.S., and neocons called it the new Pearl Harbor. But instead of it being an awaking, the American public was led further into blind ignorance. Clearly, after 15 years of disastrous policy, it is time to admit that the U.S. response to 9/11 has damaged us far more than the actual attacks ever could.

The $2 Trillion Gamble That Saudi Arabia Cannot Win

The Vision for 2030 is mostly smoke and mirrors. Saudi Arabia probably cannot replace the money it will lose if oil goes out of style and so is doomed to downward mobility and very possibly significant instability. It has been a great party since the 1940s; it is going to be a hell of a hangover.

Seymour Hersh: Saudis Paid Pakistan to Hold bin Laden To Prevent U.S. Interrogation

"The Saudis bribed the Pakistanis not to tell us [that the Pakistani government had Bin Laden] because they didn’t want us interrogating Bin Laden (that’s my best guess), because he would’ve talked to us, probably. My guess is, we don’t know anything really about 9/11. We just don’t know. We don’t know what role was played by whom."

"It's A Trojan Horse" - Thousands Of Germans Protest TTIP Trade Deal One Day Before Obama Visit

One day before Obama visits Angela Merke in Germany to pitch the TTIP trade agreement, thousands of German protesters have once again come out on the streets of Hannover to say 'No' to the controversial TTIP US-EU trade deal. Many in Germany fear it will reduce consumer protection and undermine workers’ protection. In an interview with Bild, Obama said that "the Transatlantic Trade and Investment Partnership is one of the best ways to promote growth and create jobs." Ironically, this comes just as support for the TTIP is tumbling on both sides of the Atlantic.