New Tariffs on Chinese Tires

To cheers from auto workers in America and jeers from businesses in China, President Obama is imposing new tariffs on car and truck tires from China. "China strongly opposes this serious act of trade protectionism by the U.S.," a statement posted on China's Ministry of Commerce Web site said. "This act not only violates the rules of the World Trade Organization but also violates the relevant commitments made by the U.S. government at the G-20 financial summit." The White House decision came in response to an International Trade Commission ruling that Chinese tires were hurting American producers. "The president decided to remedy the clear disruption to the U.S. tire industry based on the facts and the law in this case," White House Press Secretary Robert Gibbs told Forbes.