APPEAL ITC'S RULINGJapan's major steelmakers said Tuesday they have filed an appeal against a ruling by the U.S. International Trade Commission that they have damaged the U.S. steel industry by dumping corrosion-resistant steel.
The companies, led by Nippon Steel Corp., said the appeal was filed with the U.S. Court of International Trade against the ruling issued in July by the ITC.
The ITC ruling partially endorsed a U.S. government decision to impose punitive tariffs on some rolled steel imports from Japan and 18 other countries.
GERMAN TRADE GROUP
SEES '93 EXPORTS DOWN
BONN, Germany - The Federation of German Wholesale and Foreign Trade (BGA) said it expected German exports to fall 7 percent to 8 percent this year compared with 1992.
Michael Fuchs, BGA president, told a news conference the organization, which represents 126,000 German companies, expected imports to fall 9 percent.
Revising the BGA's spring forecast that the decline in trade could cost up to 200,000 jobs in trade and industry in 1993, he said it now expected job losses of 250,000 to 270,000.
Mr. Fuchs said Germany was suffering more than Japan or the United States
from the worldwide recession because exports accounted for nearly a third of its economy.
JAPANESE OFFICIAL SAYS
SANCTIONS COULD BACKFIRE
TOKYO - Japan's trade minister said Tuesday that U.S. threats of sanctions over trade issues could backfire, possibly jeopardizing Prime Minister Morihiro Hosokawa's fragile coalition government.
Washington has threatened to impose sanctions if Japan does not open its public works market wider to foreign construction companies, and there are signs that the Clinton administration might get tougher on other trade issues as well.
"Generally speaking, in the process of negotiations, things get heated up. Congress might pass a resolution . . . If things went in that direction, it might jeopardize the Hosokawa government," Hiroshi Kumagai, minister of international trade and industry, told reporters.
He said that if Washington takes a "zero-sum attitude," or "I win, you lose," the outcome would be unfortunate for both sides.
GERMAN BANK OPENS
BRANCH IN CHINA
FRANKFURT, Germany - Dresdner Bank, Germany's second-largest commercial bank, on Tuesday said it had opened a branch bank in Shanghai, making it the first German bank to operate in China.
Initially, Dresdner Bank will conduct its business in China from Shanghai, said Meinhard Arstensen and Berhard Walter, management board members.
The bank also has applied to open branches in Guanazhou and Shenzen in southern China, the officials said.
Dresdner Bank hopes its presence in Shanghai will encourage more German companies to invest in China, the officials said.