U.S. to Impose Tariff on Chinese Tires
September 11, 2009, 10:30 P.M. ET
The Obama administration will put steep import duties on Chinese passenger and light truck tires…
The announcement of 35% import tariffs, which would decline to 30% in the second year and 25% in the third, comes at a sensitive time…The United States needs China to help float a U.S. deficit expected to reach $1.56 trillion this year.
…four U.S. tire plants closed in 2006 and 2007. Three more are planned for closure this year. There were 5,168 fewer workers in the U.S. tire industry in 2008 than there were in 2004.
…The first tariffs should take effect in 15 days.
Trade lawyers said the decision could invite a raft of similar petitions for temporary protection from Chinese imports.
9/11/09
Could a 35% tariff on Chinese tires, announced late on a Friday night, beget protectionist trade wars?
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2 comments:
That's wonderful. The 17" radials I use cost $125 each, now they'll cost $167.00 each. Thanks Obama for driving our economy into the ground you Marxist bastid.
Tariffs in a recession were the catalyst that caused the Great Depression in the 30's.
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