posted on Nov, 25 2009 @ 11:53 PM
Apparently the US has slapped a tariff on China made oil pipeline/ steel and China is PO'd, claiming prior agreement against tariffs by our leaders.
Whereas, the US claims, "Chinese producers/exporters have sold OCTG (oil country tubular goods) in the United States at prices ranging from zero to
99.14 percent less than normal value."
My guess is this is the start of a trade war with China based on China's refusal to float its currency, the yuan or at least increase its value. The
undervalued yuan makes Chinese goods more competitive and tends to crowd US manufacturers out of the market.
Obama recently said in China that one US goal was to regain market position for US manufactured goods so this is an apparent followup.
Apparently if China doesn't want to play fair with its currency it will face US tariffs.
(visit the link for the full news article)