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Buy American: "Anti-China Backlash" Coming, Gerald Celente Says

Posted Jan 11, 2010 12:03pm EST by Aaron Task in Products and Trends, Emerging Markets
Related: FXI, PGJ, EEM, EWJ, WMT, ^DJI, ^GSPC
Recent import/export data show China replaced Germany as the world's largest exporter in 2009, and the U.S. as the world's biggest auto market. In 2010, China's surging economy is set to supplant Japan as the world's second largest.

With the global economy still in trouble, especially in U.S. Europe, China's rise is spurring a "real anti-China backlash," according to Gerald Celente, director of the Trends Research Institute. "Those who have the gold rule [and] a lot of people don't want to see China rule."

In addition to U.S. tariffs on Chinese tires and rolled steel, Celente says there are already more than 200 different trade barriers erected globally, with more to come: "You're going to see ‘Not Made in China' become a slogan around the world," he predicts. (Side note: on a recent trip to San Juan, I noticed a few stores in the old part of the city promoting their lack of Chinese-made goods.)

In part because of anti-China sentiment, Celente says the "buy local" movement is going to pick up steam in the coming years - and not just in the U.S. "We're going to start seeing trade barriers go up more and more and more," he says. "It's not isolationism but survivalism."

Unlike most mainstream economists, Celente does not, however, believe trade barriers are necessarily bad for the global economy, saying there really isn't free trade today but the "dumping of products using cheap labor."

 

 

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  • Don
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    Don Wed Jul 28, 2010 08:51 am EDT Report Abuse
    As a report for congrees at the end of 2009 suggest foreign imports would rise if the US had national ballast water legislation, and that it would mainly affect foreign ships. Now instead our president wants to negotiate hidden carbon emmissions and currency manipulation with a communist country as a way to create jobs, at the same time creating yet another study to determine the amount of human bacterial pathogens, virus, and invasives foreign ships can dump in our waters. This is being done to support the Coast Guards military plan of twenty more years, following the lead of the International Maritime Organization, an made up of primarily foreign shipping interest. God Bless America!!

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