Free Market Miracles Of The Moment

The U.S. government's main trade agency said Monday it is "disappointed" that Japan -- frustrated by U.S. lawmakers' failure to repeal a controversial anti-dumping measure -- has moved to impose punitive tariffs on certain American-made goods.

Japan's move underscores the escalating difficulties that the divisive trade measure known as the "Byrd Amendment" poses for many American manufacturers as well as the White House.

The World Trade Organization has already ruled that the 5-year-old amendment violates global trade laws, in a finding that cleared the way for retaliatory moves like the one Japan announced Monday.

China National Offshore Oil Company Ltd (CNOOC) announced on August 2 that it had formally withdrawn its acquisition offer for California-based Unocal, putting an end to its 40-day merger bid for the US company, which triggered an unexpected political storm in the US.

CNOOC said in an announcement that it had considered further improving the terms of its offer, and would have done so but for the political environment in the US. "The unprecedented political opposition that followed the announcement of our proposed transaction ... was regrettable and unjustified," said the company. A CNOOC spokesman in Beijing told Xinhua on August 2 that "political pressure" was one of the major reasons the company withdrew its offer.

Posted by Eddie Tews at August 3, 2005 10:09 AM