July 14, 2005 |
The trade deficit fell in May, reflecting a rise in U.S. exports to the highest level in history and a temporary decline in foreign oil prices. But the improvement is likely to be short-lived, with oil prices again hovering around record levels, analysts said. The Commerce Department said Wednesday that the U.S. trade imbalance declined to $55.3 billion in May, an improvement of 2.7% from April. However, the deficit with China rose to $15.
August 3, 2005 |
A Chinese oil company's fight to buy Unocal Corp. ended Tuesday in an angry retreat, but not without leaving clear signs that other political battles loom in Washington over how much more of America the cash-rich Chinese can acquire. Although CNOOC Ltd.'s offer for the eighth-largest U.S. oil and gas concern mobilized the support of American business, it was confronted -- and finally overcome -- by powerful forces that saw the purchase of American oil reserves as a threat to U.S. security.
July 22, 2005 |
China's revaluation of the yuan Thursday was hailed by some U.S. officials as a vindication of Bush administration pressure on Beijing to reform its currency policy, but lawmakers and analysts predicted the goodwill would dissipate if the move did not lead to bigger changes. On Capitol Hill, lawmakers from both major parties have said Beijing's currency policy made Chinese goods cheaper and American goods less competitive, contributing to U.S. job losses.
July 25, 2005 |
It's a sign of the times that the House Republican leadership believes the only way to win approval of a free trade agreement with Central America this week is to first pass legislation bashing China for its trade practices. That legislative minuet is a clear indication the economic nationalists are back. The economic nationalists were the politicians and policy analysts who raised the loudest alarms about the commercial challenge posed by Japan in the 1980s and early 1990s.
July 1, 2005 |
Voicing concern about national security and the U.S. economy, the House of Representatives passed two measures Thursday aimed at blocking the proposed takeover of El Segundo-based Unocal Corp. by a Chinese oil company. In a strong bipartisan vote of 333 to 92, the House approved an amendment to a Treasury Department spending bill forbidding the administration from using federal funds to approve the bid by CNOOC Ltd., an arm of government-owned China National Offshore Oil Corp.
June 11, 2005 |
U.S. regulators, claiming a victory for California motorists, approved Chevron Corp.'s proposed $16.4-billion purchase of Unocal Corp. on Friday after the companies agreed to surrender Unocal's long-contested patents on the state's cleaner-burning gasoline.
August 7, 2005 |
WITH A SIZZLING economy growing 9% a year or more but facing limits on domestic energy, China has no choice but to seek more oil from foreign sources. Yet Americans were surprised when a Chinese company emerged as a serious contender to buy Unocal Corp. Then China was surprised by the ferocious political reaction among some U.S. conservatives, forcing China's CNOOC Ltd. to withdraw its bid last week. The astonishment on both sides shows that China and the U.S.
August 3, 2005 |
For more than a decade, Americans have been spending more and saving less. In June, people spent virtually everything they earned and saved almost nothing. The government reported Tuesday that the nation's savings rate fell to a paltry 0.02%, the second-lowest monthly rate since the Great Depression. June's rate was eclipsed only by the minus-0.2% rate in October 2001, after the Sept. 11 terrorist attacks, when consumers enthusiastically responded to patriotic promotions from auto companies.
July 9, 2005 |
Secretary of State Condoleezza Rice arrives in Beijing today on a six-day swing through Asia aimed at luring North Korea back to nuclear disarmament talks after more than a year. However, Rice said the U.S. was not discussing sweetening the offer it made to Pyongyang a year ago, when it promised security assurances and the possibility of better economic and political ties if it agreed to verifiable dismantlement of its nuclear programs.
July 6, 2005 |
California Atty. Gen. Bill Lockyer and other state attorneys general plan to press for assurances that a proposed purchase by Chinese oil firm CNOOC Ltd. wouldn't undermine Unocal Corp.'s obligations to U.S. environmental cleanup projects and to provide employee pension and healthcare benefits, a Lockyer spokesman said Tuesday.