Posted on 09/11/2009 6:31:49 PM PDT by traumer
Obama decides to impose tariffs on Chinese tire imports for 3 years
WASHINGTON (AP) -- President Barack Obama has decided to slap punitive tariffs on all car and light truck tires entering the United States from China.
Obama had until Sept. 17 -- next week -- to accept, reject or modify a U.S. International Trade Commission ruling that a rising tide of Chinese tires into the U.S. hurts American producers. A powerful union, United Steelworkers, blames the increase for the loss of thousands of American jobs.
The federal trade panel recommended a 55 percent tariff in the first year, 45 percent in the second year and 35 percent in the third year. Obama settled on slightly lower penalties -- an extra 35 percent in the first year, 30 percent in the second and 25 percent in the third, White House press secretary Robert Gibbs said.
(Excerpt) Read more at finance.yahoo.com ...
just what the u.s.a. needs,
a trade war.
/s
the Chi-Coms won’t like that....
Helping out union rubber workers in Akron at our expense? That’s how I see it at first glance..
what a dunce.
Tariffs. Heck, they helped the last time we had a terrible recession, didn’t they?
paging smoot haley
We are setting off a trade war with the Country that has all our debt? What a doofus!
Got to keep the unions happy.
Soaring Chinese imports of American chicken meat already have been mentioned by Chinese state media as a possible target. Beijing also could sell some of its extensive holdings of U.S. Treasury debt, which could unsettle markets.
Yeah, this recession-thing is boring. Let's go for Depression!
Don’t tread on me
Yeah, this is really going to help the economy.
If the economy were still in a recession (/s), this would be very Smoot-Hawley-ish. But since the recovery is in full bloom, its not such a problem.
Well, he has managed to piss off almost all the non-muslem governments in the world, why not get the Chinese in a twit. Go for it Obamadumbass.
They could probably BUY the tire factory in USA with worthless US dollars... shut it down and then jack up the price of the tires from China...
Real smart decision there, Obama.
Obama names union adviser as manufacturing czar.
http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article6824804.ece
The White House has named Ron Bloom, a top Treasury Department official and a senior member of President Obama’s auto industry taskforce, to head a drive to revitalize America’s hard-hit manufacturing sector.
Mr Bloom, a former United Steelworkers union adviser and an ex-investment banker, is to work across a number of government departments including Commerce, Treasury, Energy and Labor to develop new initiatives affecting the manufacturing sector, the White House said in a statement.
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