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Trade News Archive: 16 December - 22 December
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As well as providing fresh news reports every day, AmericanEconomicAlert.org offers a uniques news rating system. Each news item below has been given a rating from 1 to 5 stars, depending on its importance and relevance to U.S. international economic and trade policy.
 

Sunday, December 21, 2014
State Tax Deal for Boeing Draws an E.U. Challenge
New York Times

• Comment: "The European case asserts that a package of tax breaks offered by Washington State to induce Boeing to build its planned 777X jet there would violate W.T.O. rules and give the American plane maker an unfair advantage over its European archrival, Airbus."

Saturday, December 20, 2014
Olean manufacturer cuts 36 jobs
Buffalo Business First

• Comment: "Citing a consolidation of manufacturing operations, an Olean manufacturer will lay off 20 percent of its workforce."

Friday, December 19, 2014
US-Cuba Thaw: Trade Relations Remain Under Tight Controls
Industry Week

• Comment: "But investment and trade will remain strictly controlled under laws passed by Congress and Cuba's own restrictions, holding off moves to enter the Cuban market by industries from U.S. hoteliers to oil companies and automakers."
China G.D.P. Is Revised 3.4% Higher For Last Year
New York Times

• Comment: "China said on Friday that the size of its economy in 2013 was about 3.4 percent larger than previously reported and that gross domestic product reached $9.6 trillion, according to the National Bureau of Statistics."

Thursday, December 18, 2014
Philly Fed Crashes From 21-Year High; Employment, New Orders Collapse
Zero Hedge

• Comment: "What a farce. After printing 40.8 in November - a 21 year high - Philly Fed collapsed back to 24.5 (missing expectations of 26.0). New Orders, employment (lowest since April), and the workweek plunged as The Philly Fed notes the survey suggests a slower pace of expansion of the region’s manufacturing sector."
Car Manufacturer Spyker Declares Bankruptcy
Industry Week

• Comment: "Spyker's bankruptcy comes after years of financial struggles, which was exacerbated after it bought flagging Saab from General Motors in 2010 for $1.5 billion. But two years later Saab filed for bankruptcy when Spyker's last-ditch bid to raise funds in China was nixed by GM over technology transfer issues."

Wednesday, December 17, 2014
Six Key Predictions for Manufacturing in 2015
Industry Week

• Comment: "Then there are the manufactured goods themselves. Heavier goods equal higher shipping costs, a value-to-weight ratio that expands in concert with the distance between where they’re made and their market destinations. Higher transportation costs, combined with increasingly expensive labor rates in distant regions such as China, are leading manufacturers of heavy equipment and steel products to move production from overseas back to the U.S., where these products are also sold. Shortening the supply chain has become a significant value proposition."
Chi-town opens arms to China
Politico

• Comment: "The holding of the high-level meeting of the U.S.-China Joint Commission on Commerce and Trade in Chicago highlights Emanuel’s own evolution from trade deal moderate to enthusiast as his city struggles to improve its economic performance. But the unusual venue for this week’s bilateral forum, which usually takes place in Washington or Beijing, also highlights the White House’s efforts to build political support for President Barack Obama’s overall trade agenda as it pushes to conclude two massive trade deals."
Boeing begins construction on St. Louis composites center
Wichita Business Journal

• Comment: "The Boeing Co. has begun work on a new 367,000-square-foot composites facility in St. Louis that will build parts for its 777X aircraft."
SolarWorld's boss celebrates latest trade case win against China, Taiwan
Portland Business Journal

• Comment: "It's the ninth consecutive win for SolarWorld, which expects to close its latest case in February with an affirmation from the International Trade Commission that the imports materially damaged the domestic solar industry. If and when that happens, SolarWorld's record will be a perfect 10 wins."
SolarWorld wins its ninth straight trade case
Portland Business Journal

• Comment: "The government levied anti-dumping duties of 53.13 percent and anti-subsidy rates of 38.72 percent on most imports of solar panels made in China, and anti-dumping rates of 19.5 percent on most solar imports made in Taiwan."
China Criticizes Steep U.S. Tariffs on Solar Panels
New York Times

• Comment: "Solar panel manufacturing “is a strategic emerging industry related to global sustainable development,” the ministry said in a news release, adding that, “China urges the U.S. to solemnly consider the serious consequences caused by the U.S. ruling, to strictly comply with international rules and regulations, and to adopt a responsible attitude and behavior to appropriately manage trade frictions.”
U.S. Imposes Steep Tariffs on Chinese Solar Panels
New York Times

• Comment: "The department announced anti-dumping duties of 26.71 percent to 78.42 percent on imports of most solar panels made in China, and rates of 11.45 percent to 27.55 percent on imports of solar cells made in Taiwan. In addition, the department announced anti-subsidy duties of 27.64 percent to 49.79 percent for Chinese modules."
U.S. Trade Deficit Widened Over Summer
New York Times

• Comment: "The Commerce Department said on Wednesday that the deficit in the current account rose to $100.3 billion in the third quarter, up 1.9 percent from a revised $98.4 billion deficit in the April-June period. The increase occurred despite a drop in the trade deficit for goods and services, reflecting cheaper oil prices and a stronger dollar. Fines collected from foreign institutions fell to $27.8 billion from $40.1 billion in the previous quarter, a 31 percent decrease."

Tuesday, December 16, 2014
Study Shows Manufactured Imports Outpacing Reshoring
Industry Week

• Comment: "While manufacturing production has been growing in the U.S., the study found that imports of offshored manufactured goods has been outpacing gains in domestic production. A.T. Kearney said the index, which tracks manufactured goods flows over the past 10 years to show the ratio between U.S. manufacturing imports and gross output, likely will show a year-over-year decline in 2014 reshoring, lower by 20 basis points from 2013."
Manufacturers producing as much as they did before the recession
Nashville Business Journal

• Comment: "Output from American manufacturers has surpassed its pre-recession peak, according to new figures from the Federal Reserve."
US Manufacturing PMI Plunges To 11 Month Lows, Misses By Most On Record
Zero Hedge

• Comment: "US Manufacturing PMI collapsed to 53.7 in December, missing expectations of a rebound to 55.2 by the most on record and falling to its lowest since January 2014 - the middle of the Polar Vortex. This is the 4th monthly drop in a row off the mid-year "yay recovery is here" record highs and 4th miss in a row as economists continue to 'price in' the hockey-stick."
Mercedes-Benz eyes Atlanta for U.S. headquarters
Charlotte Business Journal

• Comment: "German luxury automaker Mercedes-Benz is considering relocating its U.S. headquarters to Atlanta from New Jersey, the Atlanta Business Chronicle has learned."
Boeing's $1 billion 777X wing plant is Washington's largest project of the year
Puget Sound Business Journal

• Comment: "The 1.3 million-square-foot factory is where Boeing will fabricate the components for the 777X's new carbon composites, which, with its new engines, is to become Boeing's largest twin-engine jetliner."