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China's tariffs are bully-boy tactics that couldn't come at a worse time. The Canadian auto industry has just posted its first monthly trade deficit since the harsh 1991 recession. Canada imported some $1-billion more in cars, trucks and motor vehicle parts in July 2006 than they exported. That $1-billion is by far Canada's largest monthly automobile deficit in the past 35 years.
European automobile manufacturers fear that setting up shop in China would enable Chinese parts suppliers to pirate their hard-won production secrets and technologies. Copycats could then establish their own vehicle factories, protected by China's government.
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According to the International Monetary Fund,Jordan Spizike 2009 Stimulus Bill Tax Breaks Incom, the world economy now faces increasingly severe global imbalances. On one hand, the U.S. continues to borrow from the rest of the world to finance fast-growing trade and budget deficits. Meanwhile countries like China have huge trade surpluses with the U.S. and, for now, are lending their surplus funds back to the U.S. to finance American deficits.
Besides, China's special rules have practical problems.
And The Winners China is sitting at the top of the world. Its trade surplus soared to a monthly record US$18-billion for this past August, with the Chinese economy growing 10.9% for the first half of the year. However, these achievements don't change the fact that global free trade requires a level playing field for all countries.
To many global trade observers,[link widoczny dla zalogowanych], China often acts like a brute who always thinks of himself but rarely considers the needs of others.
General Motors, Volkswagen and DaimlerChrysler have factories in China but can't find adequate suppliers of quality Chinese parts. Foreign automakers often don't attain the 40% "local content" required to waive China's tariffs. Late in 2005, GM had to stop making its Buick Royaum model in China because the levies on imported parts became too expensive.
For its part, Beijing argues that foreign automakers with factories in China are exempt from the auto parts levies if they buy at least 40% of their components from local Chinese companies.
The Chinese government has also used export tax rebates to unfairly subsidize Chinese exporters. China is feeling pressure from the recent meeting in Singapore attended by Group of Seven rich nations, and has scrapped tax rebates for coal and natural gas shippers. However, China raised rebates for high-tech and heavy machinery products, and is similarly protective of booming Chinese automotive exports.
Tariffs on auto parts exported to China cost Western trade partners 25% or more of each shipment's total value. Negotiations with the People's Republic have failed to remove the hated levies. Therefore Washington, Brussels and Ottawa escalated their protest for consideration at a WTO meeting in Singapore on September 28.
News from the U.S. is just as dismal. Having lost US$1.4 billion in the first six months of 2006, Ford could post a pre-tax loss of $8-billion to $9-billion this year. Ford's "The Way Forward" plan calls for up to 30,000 job cuts and the closure of 14 plants by 2012.
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WTO rules strictly forbid countries from inventing special requirements or granting subsidies that protect local industries. A member of the WTO since 2001, China must comply with WTO dictates.
For example,[link widoczny dla zalogowanych],Air Jordan 13 2010 California's Out Of The Box Tra, critics argue that the yuan is undervalued which allows China to sell its exports at artificially low prices. China has increased the value of its currency by only 4.1% since July 2005 even though Beijing can well afford a more aggressive move.