The US is suspicious of UK prime minister David Cameron and his trade policies with China.
Well why not? But the reverse is true as well. The UK has every reason to be suspicious of president Obama.
Such is the nature of trade politics where every country every country is out for itself.
There is really nothing new about this, but I will point out that massive trade disputes are hallmarks of deflationary times.
The Financial Times reports Cameron Adds to Pressure on China Over Maritime Disputes.
David Cameron arrived at the Group of Seven summit in Japan on Wednesday and added his voice to pressure on China to abide by international law in disputes in the South China Sea.
The British prime minister is suspected by the US of toning down criticism of China as he tries to make the UK the “best partner in the west” to Beijing, setting up an awkward G7 session on Asian security issues on Thursday.
Britain is far from alone in seeking to boost exports to, and inward investment from, China. Angela Merkel, German chancellor, and President François Hollande of France, who are attending the G7 summit, have also made big trade pushes.
Officials in Washington have criticized the “constant accommodation” of China by Britain.
US Hits China and Others with More Steep Steel Duties
Please consider US Hits China and Others with More Steep Steel Duties
The U.S. Department of Commerce has imposed more duties on corrosion-resistant steel imports from China and elsewhere in an effort to protect its industry from a glut of steel imports from around the world.
On Wednesday, the department’s International Trade Administration, which has conducted an investigation into the “dumping” of steel products into U.S. markets, said it had found the “dumping of imports of corrosive-resistant steel (CORE) products from China, India, Italy, Korea and Taiwan” by various steel producers that it named within those countries.
As a result, the department said that Chinese corrosion-resistant steel would be subject to a final anti-dumping duty of 210 percent and anti-subsidy duty of between 39 percent and up to 241 percent.
Steel Worker Cuts Steel Billets
Can someone tell me why a human worker and not a machine is doing that job?
Obama Sounds Like Trump
Forgive me for pointing out the obvious, but president Obama sounds more and more like Donald Trump.
Is there any politician anywhere who actually believes in free trade?
- Obama’s Trans-Pacific Partnership Fiasco vs. Mish’s Proposed Free Trade Alternative; How Will TPP Function in Practice?
- Hillary Clinton, Dead Rats, Toilet Paper Politics
- Legacy Skills and Capital; Sugar and Steel; Turning TPP to TP.
Fair Trade and Cheap Labor
If you are a “Fair Trade” believer as Paul Krugman is now, this is the post I would most like you to read: Fair Trade is Unfair; In Praise of Cheap Labor; Are Bad Jobs at Bad Wages Better than No Jobs at All?
We’re All Bernie Sanders Now!
Mike “Mish” Shedlock