This is a great mistake Mr. President. A. You don't want to piss off the Chinese who can destroy our country economically by just selling a portion of their $ trillion plus US bond reserves. Interest rates would skyrocket, the dollar would plunge (more than it is already) and inflation would soar. B. Protectionism and trade wars with your biggest trading partner is suicide. This is what made the depression as bad asit was, trade protectionism.-Lou
China Slams U.S. Tariffs on Tires as 'Serious Act of Trade Protectionism'
BEIJING - China strongly opposed President Barack Obama's decision to impose punitive tariffs on imports of car and light truck tires calling it protectionism that violates World Trade Organization rules.
New tariffs send a wrong signal to the world ahead of the upcoming Group of 20 nations in Pittsburgh Sept. 24-25, and could spark a chain reaction of trade protectionist measures that slow economic recovery, a notice on the Ministry of Commerce Web site said Saturday.
Such actions will harm U.S.-China economic and trade relations, it said.
China reserves the right to react, Ministry of Commerce spokesman Yao Jian said Saturday, without giving details.
For the Chinese government, the tire dispute threatens an economic relationship crucial to the country's economic growth. Chinese officials had previously appealed to Washington to avoid taking steps that might harm relations.
"China strongly opposes this serious act of trade protectionism by the U.S.," the ministry statement said. "This act not only violates the rules of the World Trade Organization but also violates the relevant commitments made by the U.S. government at the G-20 financial summit."
Obama had until Sept. 17 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.
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