Hahaha, China can drop 35% of its holding in Treasuries
US beggar behaving like spoilt child
Need to cane them hard
US imposes 35% duty on Chinese tires
WASHINGTON (Reuters) - President Barack Obama has decided to restrict tire imports from China for three years in response to a petition filed earlier this year by the US Steelworkers Union, the White House said on Friday.
An additional 35 per cent duty will be placed for a year on Chinese-made passenger vehicle and light truck tires the first year, the White House said in a statement.
The new duty, which complements an existing 4 per cent duty, would fall to 30 per cent in the second year and 25 per cent in the third year, it said.
Those levels are lower than the US International Trade Commission recommended earlier this year, but likely still high enough to significantly restrict tire imports from China, if not shut them out completely.
'The president decided to remedy the clear disruption to the US tire industry based on the facts and the law in this case,' White House spokesman Robert Gibbs said.
The steelworkers request for import curbs was widely seen as a test case for Mr Obama, who faces conflicting pressures to protect jobs at home while promoting free trade.
US beggar behaving like spoilt child
Need to cane them hard
US imposes 35% duty on Chinese tires
WASHINGTON (Reuters) - President Barack Obama has decided to restrict tire imports from China for three years in response to a petition filed earlier this year by the US Steelworkers Union, the White House said on Friday.
An additional 35 per cent duty will be placed for a year on Chinese-made passenger vehicle and light truck tires the first year, the White House said in a statement.
The new duty, which complements an existing 4 per cent duty, would fall to 30 per cent in the second year and 25 per cent in the third year, it said.
Those levels are lower than the US International Trade Commission recommended earlier this year, but likely still high enough to significantly restrict tire imports from China, if not shut them out completely.
'The president decided to remedy the clear disruption to the US tire industry based on the facts and the law in this case,' White House spokesman Robert Gibbs said.
The steelworkers request for import curbs was widely seen as a test case for Mr Obama, who faces conflicting pressures to protect jobs at home while promoting free trade.
