US to set up enforcement unit to monitor unfair trade practices

25 January 2012 05:21  [Source: ICIS news]

SINGAPORE (ICIS)--The US government will set up an enforcement unit to crack down on unfair trade practices “in countries like China”, President Barack Obama said in his annual State of the Union speech on Tuesday.

"I will go anywhere in the world to open new markets for American products. And I will not stand by when our competitors don't play by the rules," Obama said.

“Tonight, I'm announcing the creation of a trade enforcement unit that will be charged with investigating unfair trade practices in countries like China,” he said.

“It's not fair when foreign manufacturers have a leg up on ours only because they're heavily subsidised,” Obama said.

Obama said his administration since taking charge has already brought trade cases against China at nearly twice the rate as the last administration.

“Over a thousand Americans are working today because we stopped a surge in Chinese tyres. But we need to do more,” he said.

Tyres are a key end market for styrene-butadiene-rubber (SBR).

"This Congress should make sure that no foreign company has an advantage over American manufacturing when it comes to accessing finance or new markets like Russia,” Obama added.

For more information on SBR, visit ICIS chemical intelligence

By: Nurluqman Suratman

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