September 18, 2012 |
WASHINGTON - The United States and China have filed international trade complaints against each other, escalating trade tensions amid a weakening global economy and a heated U.S. presidential race. The Obama administration launched a new enforcement action Monday with the World Trade Organization, alleging that China was illegally subsidizing exports of automobiles and auto parts. Beijing filed its own WTO complaint earlier Monday, challenging anti-dumping duties that Washington had levied on $7.2 billion in goods from China - including steel, tires and kitchen appliances - that the U.S. said were sold here below cost.
September 17, 2012 |
WASHINGTON -- The Obama administration is set to launch a new enforcement action with the World Trade Organization against China on Monday, alleging that the Asian economic giant is putting U.S. manufacturers at a competitive disadvantage by illegally subsidizing exports of autos and auto parts. The president, blending his roles as candidate and incumbent officeholder, will announce the move at the first of two campaign stops scheduled Monday in Ohio, a state where 1 in 8 jobs is tied directly or indirectly to auto manufacturing.
September 11, 2012 |
BEIJING — China reported weak trade activity in August, raising pressure on the central government to stimulate the nation's slowing economy. Imports fell 2.6% from a year earlier after growing 4.6% in July, underscoring China's softening demand for commodities and raw materials. Exports grew 2.7% from a year earlier, up slightly from 1% growth in July. The weak trade figures, announced Monday, come a day after China said industrial production had expanded at its slowest pace in three years.
August 26, 2012 |
CARACAS, Venezuela - An early morning explosion and fire at Venezuela's largest refinery killed at least 39 people Saturday and left the nation's most important source of auto and airline fuel out of commission. Giant flames and columns of smoke continued to billow from the Amuay refinery, about 200 miles west of Caracas, the capital, into the afternoon. The disaster occurred just six weeks before Venezuela's Oct. 7 presidential election, with the efficiency of President Hugo Chavez's government a campaign issue.
August 11, 2012 |
BEIJING — Chinese trade weakened dramatically in July, heightening fears that the world's second-largest economy has yet to rebound from its worst slowdown in years. Experts said expectations needed to be diminished about China's ability to lead the world out of its financial difficulties. Chinese exports rose a paltry 1% last month from a year earlier, down from an 11.3% increase in June. Meanwhile, imports grew 4.7% in July, down from 6.3% in the previous month. China's trade surplus sank to $25.1 billion in July from $31.7 billion in June.
August 9, 2012 |
WASHINGTON -- The nation's trade deficit fell sharply in June to an 18-month low, with U.S. exports hanging tough despite the debt problems in Europe and the global economic slowdown, the Commerce Department reported Thursday. The drop in the trade deficit, to $42.9 billion from $48 billion in May, means economic output was probably stronger in the second quarter than initially reported. The government's early estimate of gross domestic product for the April-to-June period was 1.5% annualized, but the better trade data suggests that the figure will be revised to a rate closer to 2%. Separately, the Labor Department said new claims for jobless benefits dropped to 361,000 for the week ended Saturday, from a revised 367,000 in the prior week.
August 9, 2012 |
California's exporters enjoyed a big month in June, posting impressive gains compared to the same month a year earlier, according to an analysis by Beacon Economics of foreign trade data released Thursday by the U.S. Commerce Department. The gains came in spite of the fact that the value of the U.S. dollar rose in comparison to other world currencies, making U.S. goods more expensive overseas, the report said. The strong showing also came even as many customers of U.S. goods were in the throes of weak economic recoveries.
July 25, 2012 |
Twitter chief executive Dick Costolo said the 140-character social media platform is working on a way to let you see all of your old tweets. Currently, Twitter only lets you go back and see a certain number of your older tweets, but Costolo said that will change. “We're working on a tool to let users export all of their tweets,” Costolo told The New York Times . “You'll be able to download a file of them.” That's good news for any users who want to go back to look at their old content, but of course, Twitter isn't the first social network to let you do this.
July 17, 2012 |
The nation's busiest seaport complex closed in on the peak cargo shipping season with a moderately strong showing last month. June is typically a busy month for cargo traffic at the ports of Los Angeles and Long Beach, which rank first and second, respectively, in the U.S. in the movement of cargo containers. Port officials said that they are hedging their bets about what the numbers signaled given recent negative economic news. "We're hesitant to read too much into this given the state of the economy," said Art Wong, a spokesman for the Port of Long Beach.
July 11, 2012 |
WASHINGTON - The nation's trade deficit narrowed for the second straight month in May as American exports eked out a 0.2% gain from April - despite the global economic slowdown and the strengthening of the U.S. dollar, the Commerce Department reported Wednesday. Though the latest data are better than expected, other indicators suggest U.S. exporters will feel an increasingly bigger hit from the Eurozone crisis and the slowdown in China. Manufacturing has been a big contributor to the American recovery and job growth, but it has weakened since spring along with the broader economy.