China Loses WTO Appeal on Tires
GENEVA -- China has lost its appeal of a World Trade Organization ruling that the United States can raise import taxes on Chinese tires by as much as 35%.
A WTO appeals panel said Monday that U.S. officials "acted consistently" with international trade laws, the latest in a series of trade skirmishes between the U.S. -- the world's biggest importer -- and China -- the world's biggest exporter.
China argued the three-year tariff President Barack Obama approved in 2009 on top of a regular 4% import duty was protectionist and would hurt China's tire industry.
The United Steelworkers Union pushed for penalty tariffs, blaming the loss of 5,000 U.S. tire workers' jobs since 2004 on U.S. tire imports from China more than tripling from 2004 to 2008.> > Bull or Bear? Vote in Our Poll
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