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I Get By With Alittle Help From My Friends.... » Iraqi Dinar » Iraqi News » World Economy » China » U.S. Files WTO Complaint Against China Over Export Restraints

U.S. Files WTO Complaint Against China Over Export Restraints

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U.S. Files WTO Complaint Against China Over Export Restraints

June 23 (Bloomberg) -- The U.S. said it filed a World Trade Organization complaint accusing China of curbing exports of raw materials to benefit its domestic manufacturers.

The petition is the first brought by President Barack Obama’s administration against China at the WTO, and cites taxes China imposed to limit the export of about 20 metals or chemicals.

By taxing the exports, the raw materials are cheaper for domestic manufacturers, giving them an unfair advantage over competitors overseas, the U.S. Trade Representative office said. Both the U.S. and European Union complained to China about these curbs during the past year.

The U.S. will file a request for consultations at the WTO, the necessary first step in initiating litigation into the dispute. After 60 days of negotiations, the U.S. can ask a three-judge panel to rule on the case.

China is the second-largest trading partner of both the U.S. and EU, and it has faced two other joint WTO complaints from the two largest economies.

The EU and the U.S. also complained at the WTO over Chinese duties on imported auto parts and restrictions on foreign financial news providers.
http://www.bloomberg.com/apps/news?pid=20601110&sid=aPCdR5haUyn8

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EU, U.S. Complain at WTO Over Chinese Curbs on Raw Materials

June 23 (Bloomberg) -- The European Union and the U.S. complained at the World Trade Organization about Chinese export restrictions on raw materials such as copper and tungsten, their third joint complaint against the Asian nation.

The EU said it and the U.S. filed a request for consultations at the WTO in Geneva today, setting off a period of discussions with China aimed at resolving the dispute. If talks fail, WTO judges can be asked to rule on the issue.

The complaint stems from Chinese export curbs on about 20 raw materials including antimony, bauxite, indium, yellow phosphorous, magnesium carbonate, molybdenum and rare earths. The complaint is another sign of growing trade tensions between two Western governments and China as the economic crisis crimps exports and sparks job cuts.

“China has made a specific commitment not to apply export restrictions on certain products and it is applying those restrictions, so it’ll lose,” said Daniel Crosby, a trade attorney at Budin & Partners in Geneva who has represented clients on WTO compliance issues.

Export restrictions, which have multiplied in recent years because of surging raw-materials prices, discourage companies from being more productive and competitive. Such curbs drive up world prices and eventually choke off supplies of raw materials, which affects a broad range of finished products such as airplanes, semiconductors, detergent and steel.

Trade Ties

Last September, then EU Trade Commissioner Peter Mandelson said China was failing to honor pledges it made on export constraints when it joined the WTO in 2001. He said he had raised the issue “repeatedly” with the Chinese government. The EU imposed duties on steel pipes and tubes from China to help European producers including ArcelorMittal and Vallourec SA fend off cheaper imports.

The EU is China’s largest trading partner and China is the 27-nation bloc’s second-biggest. Trade volume between the two governments grew to more than 326 billion euros ($455 billion) last year, according to the European Commission, the EU’s executive arm.

The former Bush administration also tried to push China to cut quotas on the export of coke, silicon, tungsten and other products used to make steel, arguing that these caps give Chinese producers an unfair advantage. U.S. goods and services trade with China amounted to $410 billion in 2007, according to the latest data from the U.S. Trade Representative’s office.

The EU and the U.S. also complained at the WTO over Chinese duties on imported auto parts and restrictions on foreign financial news providers.

Appeal Fails

China lost its appeal of the WTO’s July 18 ruling that it was violating trade rules by requiring automakers operating there to buy most components from local suppliers or face higher duties. It was the first time China lost a case since it joined the WTO.

The case on media curbs was resolved last November, when the three governments reached what the EU called a “landmark agreement” that established a regulatory framework to ensure a level playing field for all operators in the Chinese market.

More WTO complaints against China are likely in coming months as the Asian nation tries to shield its industries for the effects of the global financial slump, Crosby said.

“China is reacting in the context of the financial crisis in a protectionist manner, and this exacerbates ongoing concerns on long-established violations and introduces new ones,” he said. “In both cases, it presents a difficulty that I don’t see getting any better.”

http://www.bloomberg.com/apps/news?pid=20601110&sid=aaaLLu9deKkw

OWL



I hope China 'continues' to reveal it's downright 'evil' selfish underbelly. We have many of those raw minerals etc available thru other channels (ie Australia) but it will take resolve on our part to implement and therefore NOT let the behemoth China "rule the world". You thought the USA was bad! In fact IF ever the EU and China start singing the same song, the USA will be economically sunk. IMHO Mad

OWL



(excerpted from JAck Crooks - Black Swan publications)

Too Far, Too Fast for A Highly Connected Market?
The World Bank says contraction will be greater than expected; the global economy will slow by 2.9% rather than 1.7%.

Enter risk aversion. The gloomier-than-expected forecast spooked markets yesterday. Most notably, the commodities got hit. Crude was down; gold was down; copper was down. There was no love for stocks either.

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Owl....we think alike in this aspect......China is and will be a problem for us in the near future.....

redfox55



very interesting

but a slap on the hand wont do it

and if they slap harder ,are they ready to play hard ball

only if they us and eu stand together and i dont know if their willing to go that far

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