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To: Tommaso who wrote (268474)	11/22/2003 5:35:27 PM
From: j-at-home	Read Replies (1) \| Respond to of 436258

U.S., China trade tensions escalate China poised to set more tariffs on U.S. imports By CBS.MarketWatch.com Last Update: 3:20 PM ET Nov. 22, 2003 SAN FRANCISCO (CBS.MW) -- Trade tensions escalated Saturday as China said it will set additional tariffs on imports of a paint chemical from the U.S., Japan and South Korea, according to a published report. China said it will impose tariffs of as much as 49 percent on the chemical, toluene diisocyanate, from those countries, on top of the regular 6.5 percent import duty, Bloomberg News reported Saturday. The article said China was raising the duty because imports of the chemical, which is used to make paints and varnishes, are being sold in the mainland at less than the cost of production. The move comes just two days after China said it would raise tariffs on some U.S. goods in protest to the U.S. imposition of tariffs on steel imports, but a Chinese ministry official said the chemical tariff had nothing to do with the steel tax, the report said. The World Trade Organization, an international group that deal with the rules of trade between nations had ruled in July that the President Bush's decision to impose up to 30 percent tariffs on imported steel violates global trade laws. See full story. China has been a member of the WTO since late 2001. On Tuesday, the Bush administration announced that it would new quotas on imports of some Chinese textiles that would limit the growth of purchases from China to 7.5 percent annually from the level of shipments over the past year. See full story. Despite the rising trade tensions, Daniel Bob, who works with The Council on Foreign Relations, a U.S. research organization said a trade war doesn't appear to be on tap, according to Voice of America News. "Keep in mind that he Chinese imports to the United States far outweigh U.S. exports to China," he told the international broadcasting service on Friday. "If this were to escalate into a trade war, the consequences for China would be much worse than they are for the United States," he said. --------------------------------- Place your bets on that last paragraph .. welcome to the macroeconomic laboratory -s-