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FT.com / World - US set to challenge China over steel prices

ft.com — US trade officials are close to filing a case against China at the World Trade Organisation challenging export restrictions on raw materials used in steel-making and other industries.

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  • edlv, on 09/12/2008, -0/+0When is the US going to stop playing victim? If there are victims in the artificially low RMB exchange rate, they are the Chinese people themselves--not the US. Steel? The labor unions destroyed this industry decades ago because they thought they could endlessly extort the steel companies and American public; they destroyed the jobs they were so "concerned" about. No company would be stupid enough to subject itself to that again by spending billions and years to build a plant in the US. Instead of talking about steel subsidies of $5B per year by China, why doesn't someone bring up the $100B per year in US subsidies to its corporate farmers. Better yet, why not just move on and realize that the industries of the future are tourism and education. The Chinese would love to consume both in the US--BUT THE US WON'T GIVE THEM VISAS!! It's too busy playing victim.

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