The fate of incoming Labour business and industry secretaries seems to be to launch emergency rescue packages for industries that would otherwise face imminent closure. Witness Jonathan Reynolds at last Saturday’s extraordinary parliamentary recall arguing for the legal right to take over the running of British Steel from its Chinese owner, Jingye, in order to save up to 3,500 jobs and Britain’s strategic capacity to make steel. And witness Tony Benn, in 1974, offering a financial lifeline to 3,000 workers forming a cooperative to save motorcycle manufacture at the failed…
Tag: Steel industry
Biden to triple taxes on Chinese steel and block Japanese takeover of US Steel
Joe Biden announced plans to triple tariffs on Chinese steel and aluminum and promised to block the acquisition of US Steel by a Japanese company during a speech to steelworkers on Wednesday in the battleground state of Pennsylvania, where union support could prove crucial in the November general election. Biden touted the plan during a visit to the United Steelworkers union headquarters in Pittsburgh, the heart of the American steel industry, where he said “the backbone of America has a steel spine” and promised to keep US Steel as a…
China’s sudden economic slowdown is worrying. But it doesn’t have to be all bad news for Australia | John Quiggin
After two decades of stunning economic growth, evidence of a slowdown in China is naturally a cause for concern. The evidence, unfortunately, is not hard to find. China’s estimated annual rate of GDP growth is slowing and looks to be stabilising at around 4%, only a couple of percentage points higher than that of rich countries in the OECD. At this rate it will take many decades before income per person in China catches up with that of other leading economies. High youth unemployment is another symptom of a slowdown,…