U.S. braces for trade backlash

WASHINGTON - The World Trade Organization is set to give the go-ahead today for sweeping retaliation against the United States from Canada, Europe and others for its continuing refusal to dismantle illegal trading laws.

U.S. industry is bracing for the impact of extra duties of at least US$135-million, including $30-million from Canada, on imported U.S. goods and products.

The international action comes after the U.S. Congress balked at repealing its controversial Byrd Amendment.

The amendment, named after Sen. Robert Byrd from West Virginia, has funnelled US$710-million in foreign import duties collected by the U.S. government to troubled industries such as those making ball bearings, steel, seafood, pasta and candles.

more

http://www.canada.com/national/nationalpost/financialpost/story.html?id=4f91fdd2-cb1c-42c0-9417-dca6d029fac2

gonna hurt...

interesting.

http://www.marketwatch.com/news/archivedStory.asp?archi...

SANTA MONICA, Calif. (CBS.MW) -- Mad as hell about corporate policy? A new hedge fund is, and it's putting its money where its mouth is with an investment strategy of shorting shares of companies with which it takes issue.

By buying put options, or shorting a stock, the hedge fund hopes shares will fall, in effect punishing a company for what it calls "misdeeds" and profiting all the while. A portion of profits will go toward mending the social wounds inflicted by target companies.

The fund is the brainchild of Max Keiser, the investment activist, for lack of a better definition, who launched Karmabanque.com several years ago on a similar philosophy. Zac Goldsmith, son of famed corporate raider Sir James Goldsmith, is also a partner in the venture. Goldsmith's The Ecologist magazine will audit, track and publish results.

"For every 1,000 new boycotters, I and my group of investors/activists, including Zac, will increase the size of the fund by 5,000 pounds," says Keiser. "All profits (minus a two percent processing fee) will go the groups/people who are the victims of bad companies."

The London-based fund's first target is Coca Cola (KO: news, chart, profile).

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Well if you read the article, down at the bottom.

"The maximum Canada could impose under the WTO ruling would be $720 million a year by 2007 because of the softwood lumber dispute."

And that's just what Canada could impose.

Targeted at specific products and really hurt them.

i have a small manufacturing company and i rely on Europe for about 20% of my business.

There will be a detailed list, that they will give out. So far all I have seen are what is mentioned in the link.


"Canada, the EU and Japan have given the WTO their preliminary lists of potential retaliation target industries. They include many wood products, fish, vegetables, swine, alcohol and cigarettes."


"The EU is looking at imposing up to US$50-million in duties on U.S. textiles, corn and heavy machinery made by companies like Caterpillar Inc., which is based in the Illinois home state of Rep. Dennis Hastert, the speaker in the House of Representatives. Mr. Hastert is against repealing the Byrd Amendment"

Don't mess with the powerful Canadian pasta-maker's lobby.

*

right now. They have $$dollar$$ signs in their eyes. Like Unca Scrooge, they can just feel the profits in their grubby little hands (see "Dollar tanks" on other threads). They think it will be nothing but gravy.

THIS is the problem they didn't count on. They had no idea the rest of the world might be pissed at us. A boycott would kabosh all their grandiose plans. Another thing they didn't think about was the damage they will do to companies which rely on exporting to the US. In their usual selfish manner, they just created a big mess, and as usual expect the rest of the world to clean up the crap.

Maybe not this time.

Thank God.

A pity we'll be caught in the crossfire. But then again, a little over half the voting population felt brave enough voting for the fool$. And those who didn't vote just don't care, SO THEY DON'T FUCKING COUNT.

,...in spite of the fact that this particular "protective" measure was created by our local "liberal", Byrd,...the real vulnerability lies in the combo of our federal and trade deficit. If the world really wanted to,...they could stick it to us,...BIG TIME!!!

We know when it is right to fight.

We know when it is right to spend.

We know that spending revenue, rather than spending on pretty plastic, helps the economy better in the long run.

We know that society is more than just the acquisition of money, regardless of how it's acquired.

who are affected by it.

We wouldn't let our corporations fend for themselves in a FREE MARKET, would we?

Was this Byrd's plan or not?

http://www.ebearing.com/legislation/agri-statement-2000.htm

Statement by the President: H.R. 4461, The Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act for FY 2001

"
Also, I note that this bill will provide select U.S. industries with a subsidy above and beyond the protection level needed to counteract foreign subsidies, while providing no comparable subsidy to other U.S. industries or to U.S. consumers, who are forced to pay higher prices on industrial inputs or consumer goods as a result of the anti-dumping and countervailing duties. I call on the Congress to override this provision, or amend it to be acceptable, before they adjourn.
"


But I never liked Mr. Clinton's trade deals that have no anti-dumping provisions for services or labor in them.