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Trade news:
* China's Finance Minister resigns.
This seems like a big deal, but of course they were not forthcoming on
the reasons. The suspicion is that China inflation made him
unpopular with the Big Bosses.
* China blames U.S.
and other importers for their product problems. Differing
standards in different countries are confusing and unfair, says Li
Changjiang, head of China's General Administration for Quality
Supervision. Hmmm. Forgive me for not emoting, but that's what you get when you sell to
different countries with different standards. In a note to the WTO, China said that it:
"has consistently placed a high priority on the work of
food safety," adding that leaders were "willing to increase information
exchanges and communication with international society and other
countries in line with its attitude of openness and transparency."
There's no reason for increased confidence in our salmonella laced imported seafood here.
* The Bush Administration begins letting in Mexican truckers
this weekend. Teamsters are suing for an injunction to
block them. Support also from Sierra Club and Public
Citizen. This is a step towards the North American Union.
Oops, there I go with my conspiracies again based upon actual
information from the White House and its kept thinktanks.
* Actually, 5 Chinese ministers
are resigning. A major Communist Party meeting will happen in a
few weeks, that will set government policy for the next 5 years.
I remember now that they do that. I wonder how the trade shakeup
will affect their policy of manipulating currency, huge subsidies to
their industry, border adjustable taxes, safety, and the like.
How will it affect their policies as America's biggest creditor, and
whether to leverage that status for foreign policy purposes? How
will it affect their decisions to used state-owned enterprises to
purchase strategic, private company assets across the world? The
U.S. is outsourcing, and the Chinese government is on an acquisition
binge. I think I know which model I like better right now.
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