Word: exporters
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...Washington State are likely to make those steps seem cheap by comparison. Big overseas customers like Japan and South Korea no longer want U.S. steaks; ships at sea packed with meat bound for Asia are turning back. Containers of frozen French fries cooked in beef tallow for the export market are idling in U.S. ports...
...short, America's $4.3 billion beef-export business is pretty much dead meat, at least for now. "We still haven't felt the full shock of this because of the holidays," says James Robb, director of the Livestock Marketing Information Center in Lakewood, Colo. Don Roose, president of U.S. Commodities Inc., a grain-and-livestock investment firm in West Des Moines, Iowa, predicts the damage will be long-term: "We've already got Taiwan saying they're going to ban U.S. beef for seven years...
That lone dairy cow that fell ill now puts those gains at risk. Wholesale prices have already fallen 15% owing to fears that the decimated export market--about 10% of beef sales--will lead to a glut. But even as a third herd in Washington State was quarantined last week for possible mad-cow disease, beef emporiums like McDonald's and Morton's said sales were holding...
...Chinese and American economies have grown so interconnected that even Beijing's efforts to throw Washington a bone by curbing some exports irritate certain U.S. firms. In October, China responded to U.S. pressure by reducing a tax rebate for firms selling abroad. Multinationals operating in China complained. "Foreign companies were hurt disproportionately because so many are set up for export and expected that rebate," says a senior executive of Motorola, which sells Chinese-made mobile phones around the world. Sales from foreign companies operating in China account for more than half of China's exports. That has made U.S. businesses...
...Average hourly wage of textile workers in China, whose cheaper goods are displacing Mexican products in the U.S., Mexico's biggest export market...