Skip to comments.World stocks shaken by US-China trade dispute
Posted on 09/14/2009 11:58:47 AM PDT by FromLori
European and Asian markets fell Monday, shaken by news of a trade dispute between the U.S. and China over tariffs on tires.
Germany's DAX fell 1.4 percent to 5,544.71 and Britain's FTSE 100 lost 1.0 percent at 4,962.90. France's CAC-40 shed 1.4 percent to 3,683.72.
Asian indexes lost as much as 2 percent and Wall Street was expected to fall later. Dow industrials futures were down 81 points at 9,450.00 and Standard & Poor's 500 futures slipped 9.90 points to 1,027.40.
The U.S. decision to impose trade penalties on Chinese tires infuriated Beijing, which condemned the move as protectionist and said it violated global trade rules.
Crucially, the dispute suggests international economic cooperation is weak ahead of the G-20 summit of rich and developing nations later this month in Pittsburgh. With U.S.-Chinese trade a key link in the global economy, investors were spooked by the potential repercussions. Chen Deming, China's minister of commerce, said the penalties would hurt relations with the U.S. A ministry statement said President Barack Obama had given in to "U.S. domestic trade protectionism."
"Part of the reversal in the dollar and equity markets may simply reflect profit taking, but early signs of a new trade conflict between the US and China are not buoying spirits regarding the global outlook," said Daragh Maher, analyst at Calyon.
Also hurting sentiment outside the U.S. was the dollar's recent drop against world currencies like the yen, the pound and the euro - against which it hit a yearly low last week. That has hurt confidence in companies in export-heavy European and Asian economies.
(Excerpt) Read more at apnews.myway.com ...
Uhhhhhhh....the markets are UP as of 12:02
This article must have been written early in Europe's day.
Here we go, guys.
Does this mean the price of the Chen-Sheng tires for my son’s TTR50 dirt bike will be going from $13 to $15?
Well, Obama, that’s another fine mess you’ve gotten us into!
Just another item on the Obama list of his HATE AMERICA list of things to do to hurt Americans, capitalism, our freedoms and our wealth.
Can sombody check and see if SOROS was “SHORTING”. This smells like a big time political payoff!
The commiess have us by the short hairs. Is there any surprise in this? They own America right now, it’s disgusting.
Yet another attempt by the Soros/Obama socialists to take down the US economy on purpose.
Last year the money market was hit for 550 BILLION in the space of two hours by Soros and company in an attempt to kill the money market.
It was an outright act of war.
That’s why we had the first ‘bailout’.
But nobody said why and what it was for.
And now, the traitors in congress act like that didn’t happen, as they merrily go their way to take down the US.
Because they were complicit in the initial act.
All of Obama’s plans are structured to bankrupt the US, erode US sovereignty, and weaken the US.
you will find that the Unions requested this.
And as retaliation, the chinese could stop buying buicks (the best selling brand in China) which would force the US to dump another 70 billion into GM to prop it and the UAW up.
This is just another political payoff to the unions, nothing to see here.
“The decision to impose extra tyre tariffs followed a petition by the United Steelworkers union, which represents workers at many US tyre factories.”
Ye gads. They all must be worried that the USA might pull the plug on unbalanced trade with us. Gravy train trade phobia.
Hmmm ... as of 3:22pm the Dow is up 12.40 points. Go figure.
There are U.S. tyre factories? Tyre IS British for tire, right?
Seriously, though, Cooper, Kelly B.F. Goodrich and Goodyear don’t make motorcycle tires. In fact, I’m not sure any U.S. tire manufacturer makes them. Does anyone know of one?
Now why is Bush picking a fight with China and causing Obama economic problems again? Will he never stop????/s/
Someone has to pay Obama’s Union bosses back. I guess it is going to be Chinese workers this time...followed by all the rest of us.