China “strongly opposes†U.S. President Barack Obama’s decision to impose tariffs on tire imports from China and may refer the case to the World Trade Organization, the Asian country’s Ministry of Commerce said.
The U.S. violated rules of the WTO and the tariff imposition is a breach of the commitments made by the U.S. at the Group of 20 summits, the ministry said in a statement posted on its Web site, citing spokesman Yao Jian. The move will harm both countries’ interests and produce a chain reaction of trade protectionism, slowing world economic recovery, it added. ”
Look at one Tire industry comment:
““By taking this unprecedented action, the Obama administration is now at odds with its own public statements about refraining from increasing tariffs,†Vic DeIorio, executive vice president of GITI Tire in the U.S., said in a statement. “This decision will cost many more American jobs than it will create.â€
http://www.bloomberg.com/apps/news?pid=20601087&sid=aDaADw2buNgg
Focal points are trade war and more American jobs lost with the increased tariff.
