Trade

August 12, 2008 -- Chicago, IL -- Statement from Jason Furman, Obama Campaign Economic Policy Director, on the new trade deficit numbers:

"While Senator McCain may believe that the small reduction in the trade deficit represents great progress in an economy he thinks is doing just fine, Barack Obama believes that America can do better than a $693 billion trade deficit over the last year.

"Barns for Obama": Photo by Barack Obama campaign (CC)

We cannot afford another four years of the massive trade deficits we've had under President Bush - trade deficits that Senator McCain's economic policies would only make worse.    » read more »

August 12, 2008 -- The following product safety recall was voluntarily conducted by the firm in cooperation with the CPSC. Consumers should stop using the product immediately unless otherwise instructed.

Name of Product: Sun Smarties™ Children’s Board Skirts

Children’s Board Skirts Recalled By Chelsea & Scott Ltd. Due to Violation of Lead Paint Standard

Units: About 600

Manufacturer: Chelsea & Scott Ltd., of Lake Bluff, Ill.

Hazard: The paint on the grommets of the skirts contains an excess level of lead, violating the federal lead paint standard.

Incidents/Injuries: None reported.    » read more »

June 20, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama today released the following statement after the International Trade Commission (ITC) concluded that Chinese pipe producers have injured U.S. manufacturers for several years by dumping circular welded steel pipe exports into our market - a practice which has been enabled through Chinese pipe producers receiving illegal government subsidies.

"I appreciate and support the ITC determination. This is the first case in the history of U.S. trade agreement enforcement involving subsidies in China that has resulted in the imposition of countervailing duties by the U.S. Department of Commerce.    » read more »

Signs Agreement to Increase Trade

June 15, 2008 -- JERUSALEM - New Mexico Governor Bill Richardson met today with Israeli Prime Minister Ehud Olmert, and later signed an agreement with the Israeli government to begin a partnership that will result in more trade with New Mexico.

"I came to Israel to work together to exchange ideas, techniques and explore investment opportunities," Governor Richardson told about 30 business leaders with the American-Israeli Chamber of Commerce. Governor Richardson pointed out that New Mexico's trade with Israel has increased from 24 million to 47 million since he reopened a trade office in Jerusalem.    » read more »

June 16, 2008 -- JEFFERSON CITY – Missouri Governor Matt Blunt today requested the Federal Trade Commission (FTC) review the proposed sale of Anheuser-Busch to InBev to determine if it would prevent free competition by creating a near monopoly in the beer beverage market.

A Budweiser bottling plant: Photo by Todd J (CC)    » read more »

June 13, 2008 -- MONTGOMERY - Improving bilateral economic relations and higher education exchanges and cooperation will be the focus of an Indonesian dignitary’s visit to Alabama on June 25th.

The State of Alabama will host Indonesian Ambassador Sudjadnan Parnohadiningrat during his visit to Birmingham. The objective of this visit is to promote Indonesia and its relations with the U.S.

“Alabama understands that in today’s global economy, relationships count,” said Governor Riley. “By hosting distinguished visitors such as Ambassador Parnohadiningrat, we nurture and strengthen these relationships, resulting in new educational and economic opportunities for our state.”    » read more »

June 12, 2008 -- WASHINGTON, D.C. – United States Senator Dick Durbin (D-IL), Chairman of the Appropriations Subcommittee on Financial Services and General Government, introduced legislation today to increase the resources and authority of the Commodity Futures Trading Commission (CFTC).

The CFTC is the federal agency responsible for regulating oil and commodity futures markets. The legislation is cosponsored by Senators Harry Reid (D-NV), Carl Levin (D-MI), Byron Dorgan (D-ND), Diane Feinstein (D-CA) and Jeff Bingaman (D-NM).    » read more »

Senators push to put a ‘cop on the beat’ to crack down on manipulation and excessive speculation

June 12, 2008 -- WASHINGTON – Senator Carl Levin (D-MI) today introduced, along with Senators Dianne Feinstein (D-CA), Dick Durbin (D-IL), Byron Dorgan (D-ND) and Jeff Bingaman (D-NM), the Close the London Loophole Act, [PDF] which would ensure that the Commodity Futures Trading Commission (CFTC) has the same authority to detect, prevent, and punish manipulation and excessive speculation for traders in the United States who trade crude U.S. oil or other energy commodities on foreign commodity exchanges as the CFTC has for traders who trade on U.S. exchanges.    » read more »

Biden: “We need diplomacy to forge a common strategy among energy consuming countries in Europe, a shared effort that can confront Russian dominance.”

June 12, 2008 -- Washington, DC – Chairman of the Senate Foreign Relations Committee Joseph R. Biden, Jr. (D-DE) held a hearing this afternoon entitled, “Oil, Oligarchs, and Opportunity: Energy from Central Asia to Europe” to examine Russia's use of its enormous oil and gas reserves, and regional pipeline system, to expand its global political influence and economic leverage.

Russian oil pump: Photo by Amanda Graham (CC)    » read more »

June 10, 2008 -- Chicago, IL - Senator Barack Obama released the following statement today in response to the news of the trade deficit increase.

"Today we learned that the trade deficit jumped to its highest level in 13 months. This is not an accident. This is yet another sign of the failed economic policies of the Bush administration that John McCain seeks to extend – policies that reflect unprecedented fiscal irresponsibility and borrowing from abroad.

Rather than get America's fiscal house in order, Senator McCain is proposing $300 billion more in tax breaks and loopholes for big corporations and the wealthiest Americans, and he hasn't explained how he'd pay for them.    » read more »

June 9, 2008 -- Senator Jim Webb (D-VA) today submitted comments to the U.S. Department of the Treasury regarding its proposed rules governing foreign investment in the United States. These draft rules are intended to implement the Foreign Investment and National Security Act of 2007 (FINSA), which Congress passed last year.

“FINSA is a step forward in protecting our country from foreign investment that threatens our national security, while keeping our economy open to investment,” said Webb. “I welcome investment that promotes economic growth and generates good jobs for American workers, but such investment must be made in a manner consistent with U.S. national security and the stability of U.S. markets.”    » read more »

June 3, 2008 -- In remarks presented at a High-Level Conference on World Food Security in Rome, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn today warned that high food prices are a serious humanitarian concern as well as a source of macroeconomic instability affecting budgets, trade balances, prices and incomes almost everywhere in the world.

He urged donor governments and agencies to move swiftly to support appropriate food aid, particularly for the world's poor, calling effective action a "moral and economic imperative."    » read more »

May 28, 2008 -- Oregon Attorney General Hardy Myers today announced a settlement reached with iMergent, Inc., and its subsidiary, Storesonline, Inc., both Delaware-based companies operating out of Utah, for alleged violations of Oregon's Unlawful Trade Practices Act. In an Assurance of Voluntary Compliance (AVC) filed in Marion County Circuit Court, the company agrees to comply with state consumer protection laws and resolve any future complaints.    » read more »

May 22, 2008 -- WASHINGTON, D.C. - The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following consumer product. Consumers should stop using recalled products immediately unless otherwise instructed.

American Scientific Recalls 87,000 Magnets Due to Violation of Lead Paint Standard

Name of Product: Magnets

Units: About 87,000

Importer: American Scientific LLC, of Columbus, Ohio

Hazard: Surface paint on the magnets can contain high levels of lead, violating the federal lead paint standard.

Incidents/Injuries: None reported.    » read more »

May 22, 2008 -- WASHINGTON, D.C. - The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following consumer product. Consumers should stop using recalled products immediately unless otherwise instructed.

Floppy Friends Horse Toys Recalled by Toy Investments Due to Violation of Lead Paint Standard

Name of Product: Floppy Friends Horse Toys

Units: About 300

Importer: Toy Investments Inc., d/b/a Toysmith, of Auburn, Wash.

Hazard: Surface paint on the toy horse contains excessive levels of lead, violating the federal lead paint standard.

Incidents/Injuries: None reported.    » read more »