swbuehler@yahoo.com wrote:
> Look for certain memory prices to shoot up soon.
>
> SWB
>
>
> ---------- Forwarded message ----------
> Message-ID: <Qus-trade-asiaURbUB_DlN.X.X@clari.net>
> Date: Wed, 23 Jul 2003 22:15:52 PDT
> From: AFP / David Williams <C-afp@clari.net>
> Subject: US slaps tariffs on Asian fish and microchips
>
>
> WASHINGTON, July 23 (AFP) - The United States took a swipe Wednesday
> against Asian fish and microchip exporters, deciding to slap high tariffs on
> Vietnamese-style catfish and South Korean semiconductors.
> The barriers were erected in the face of fierce opposition in both Hanoi
> and Seoul.
> The quasi-judicial International Trade Commission (ITC) voted to support a
> finding that the disputed imports from both countries were harming US
> industries.
> It was the final step required before tariffs are imposed by the Commerce
> Department.
> On Vietnam, the ITC voted four-to-zero that the whiskered fish were hurting
> the US catfish industry, meaning they will now face import tariffs of up to 64
> percent.
> The Commerce Department found last month that the Vietnamese fillets were
> being dumped on US markets, setting the import tariffs at a range of 36.84-63.
> 88 percent.
> The department will formally order the duties after receiving the written
> ITC decision on August 6.
> The dispute is the first major test of a US-Vietnam trade pact, which
> prised open the communist country's markets and slashed tariffs on its exports
> to the United States in December 2001.
> Vietnam has vehemently denied the dumping charges and accused the United
> States of protectionism.
> It says its exports to the US catfish market are low priced because
> Vietnamese producers are able to breed the fish far more cheaply than US
> farmers.
> The United States, responding to US fisheries' complaints, has deemed that
> the Vietnamese fish are not proper catfish. It refers to the Vietnamese
> produce instead as frozen "basa" and "tra" fillets.
> Easing the pain a little, the ITC members also unanimously rejected a
> finding that there were "critical circumstances", which could have led to the
> duties being made retroactive.
> On South Korea, the ITC voted three-to-zero for a finding that the
> semiconductor imports from major manufacturer Hynix Semicondcutor were
> damaging to US industry.
> One of the four ITC members did not take part in the vote. No reason was
> given for his recusal.
> The ITC decision will lead the Commerce Department to impose duties of 44.
> 71 percent on the Hynix Semiconductor chips, once it receives the formal ITC
> report August 4.
> The Commerce Department found last month that Hynix dynamic random access
> memory semiconductors (DRAMS) were unfairly subsidised.
> Hynix Semiconductor was rescued in December by a multi billion-dollar
> bailout arranged by its local creditor banks, which the United States and the
> European Union see as illegal government subsidies.
> Its main lender, Korea Exchange Bank, and other creditors say the
> government played no role in the rescue package, which was aimed at recovering
> as much of their loans as possible from Hynix.
> Hynix argues that the bailout -- worth 3.25 trillion won (2.7 billion
> dollars) -- was made on a purely commercial basis and involved foreign banks,
> including Citibank.
> US semiconductor maker Micron Technology welcomed the ITC and Commerce
> Department decisions.
> "These actions validate that Hynix received billions of dollars in illegal
> subsidies, reaffirms that free trade must also be fair trade, and demonstrates
> our government's commitment to enforce trade laws," said Micron Technology
> chairman, chief executive and president Steve Appleton.
> The South Korean government filed a formal complaint last month with the
> World Trade Organization against the US findings.
> But South Korea also faces a similar threat from Europe.
> The European Commission has called for imposing 34.9 percent countervailing
> tariffs on Hynix chips, accusing the firm of receiving illegal subsidies from
> the South Korean government.
> EU members were due to vote on the proposal by August 25.
> djw/ga
> US-trade-Asia
Interesting, but these are just tiny ripples on an ocean of bullshit.
Ask yourself, when every shoe, every shirt, every hammer, every
television, every vcr, every.... is made offshore, why are we
suddenly upset about catfish?!
I don't have the answer. But if I wanted to dig into it, I would ask,
"Which state(s)/district is big in farming catfish?" Is there a
Republican senator or congressman who's in trouble in the next
election?
As for Korean memory....a cynic (not me, of course) might suggest
that you check the tarrif rates in six months or a year, and find that
they are unchanged. Perhaps somebody was setting up a major
Korean/USA deal and they needed a hammer to bring the Koreans
into line.
If we saw increased tarrif rates across the board, then I would
think that somebody is finally closing the barn door (too late, of
course). But these individual items are just ripples.
Strictly MHO, of course.
John
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