Sept. 14, 2009

Trade spat:

Beijing accused the United States of rampant protectionism following the imposition by U.S. President Barack Obama of a stiff tariff on tires made in China.

The Obama administration late Friday handed down its decision to place a 35 percent duty on tires from China. Chinese leaders within 24 hours were suggesting what U.S. products -- likely automotive products and chicken -- were going to face similar trade barriers. The spat could grow into a full-blown trade war between the United States and its No. 1 trading partner.

The U.S. move was opposed by U.S. tire manufacturers and agriculture concerns but pushed by labor unions, which Obama needs to support his healthcare reform plans. The unions say they've lost about 5,000 jobs because of Chinese tire exports to the United States.

China contends the tariff goes against World Trade Organization rules and retreats from a position Obama took at the Group of 20 meeting. It's likely to be central to talks between Chinese and U.S. leaders on the sidelines of next week's G20 sessions in Pittsburgh. China has also requested a WTO meeting on the subject.

The WTO last month acted on a 2007 U.S. complaint and found China in violation of trade rules regarding DVDs, music and books. U.S. industries said the Chinese limitations had led to widespread pirating of goods under copyright.

Obama on Wall Street:

U.S. President Barack Obama returns to New York for a speech on how his administration has addressed the crisis in the financial industry.

The speech is timed for the anniversary of the collapse of Lehman Brothers, an event that led to an aggressive move by the federal government, lending $700 billion through the Troubled Asset Relief Program to keep the country's largest banks viable. It was also to entice banks to resume lending money -- although more prudently than they had been -- to bolster the overall U.S. economy.

On Sept. 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection. Given that the company had $600 billion in assets, it was the largest such filing in U.S. history.

Part of the White House blitz on the issue has Treasury Secretary Timothy Geithner seeking "greater urgency" in congressional action on regulatory measures, The Washington Post said. He used those key Obama administration terms "reform" and "change" in pushing for action, the Post said.

Geithner wants financial industry regulation to be fashioned along the lines of the document he issued in June that suggested more oversight ability for the Federal Reserve, steps that allow the government more easily to step in when large financial companies near failure, and an agency to oversee mortgages and credit cards.

Iranian nuclear program:

The United Nations' nuclear watchdog opens a five-day meeting in Austria with Iran expected to dominate the discussions.

The International Atomic Energy Agency sessions are to include all of its 150 members but Tehran is the one that seems to have the most urgent need of attention. Tehran says its nuclear program is within its sovereign rights and is merely for peaceful purposes. Many IAEA member countries have expressed fear Iran is actually looking to produce a nuclear weapon.

The IAEA has repeatedly said Iran hasn't stopped uranium enrichment and last week France accused the IAEA of not being as forthcoming with all of the details it knows of Iran's program.

Iran has given over a document about its program but reports said it was superficial and didn't address the central questions posed by the IAEA.

Adultery can mean death:

The legislature of a province in Indonesia unanimously voted to make adultery punishable by stoning.

Lawmakers, over the protests of the area's governor, in a province of Aceh said a conviction on a charge of adultery could mean death by stoning for a married person and 100 lashes with a cane for unmarried participants.

The measure, passed on a voice vote, would also increase punishments for gambling, drinking alcohol, homosexuality and rape.

The bill will become law in 30 days even if the governor refuses to act on it.

The province was been under Islamic law since 2001.

Leno in prime time:

Jay Leno returns to regular television Monday but, like so many of us getting older, is making an earlier evening of it.

Leno was pretty much pushed out as host of "The Tonight Show" in favor of Conan O'Brien, as NBC sought a younger audience.

(Interestingly, ABC recently has been touting that neither O'Brien nor CBS's David Letterman were leading that post-late local news ratings race but rather venerable news program "Nightline" was pulling the biggest audience.)

NBC said Leno would be given a five-nights-a-week program in the 10 p.m. EDT hour -- the very important time slot when local stations need a strong lead-in to keep viewers around for their commercial-rich late news.

Leno's first program will feature Kanye West, fresh from spicing up the VMAs, and Jerry Seinfeld, a fellow stand-up comedian who made good on television.