Money Daily Brief: Trade walls rising among G20
•Broken promises: The US-China trade spat over tire tariffs is just the tip of the iceberg, according to a new report. G20 countries have broken antiprotectionist pledges once every three days since making them last November. Russia has raised tariffs across the board and Japan is revising sanitation rules in ways that will restrict food imports. The trend raises more questions about the effectiveness of the G20 meetings, which France has threatened to walk out of next week over separate concerns about bank bonuses.
•Better signs for US: Fed Chairman Ben Bernanke said the recession is "very likely over," although the economy would feel weak for some time. Separately, retail sales soared 2.7 percent in August, boosted mostly by the "cash for clunkers" program but also by unexpected growth in department and clothing stores. Producer prices rose 1.7 percent, creating some concern about future inflation.