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Romney sharpens attack on China's economic policies

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DejaVu
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« on: October 17, 2011, 08:20:29 pm »

Romney sharpens attack on China's economic policies
 Thu, Oct 13, 2011

SEATTLE (Reuters) - Republican presidential candidate Mitt Romney on Thursday threatened trade sanctions against China if the world's No. 2 economy does not halt what he said was currency manipulation, unfair subsidies and rampant intellectual property theft.

"As president, I will present China with a clear choice," said Romney in an advance copy of a speech to be delivered later on Thursday near Seattle. "Either abide by your commitments, open your markets, and respect our property, or else the days of open access to our markets, our ideas, and our companies, are over."

Romney, who is to address Microsoft Corp employees at its Redmond, Washington, headquarters, said the United States should impose duties and tariffs on Chinese goods, and block the transfer of some technology, if Beijing continues these practices.

The world's largest software maker is especially interested in intellectual property issues, having lost billions of dollars in Chinese sales over the years due to piracy.

Romney outlined a similar tough stance on China last month, as he sought to stake out differences with President Barack Obama and tap into the U.S. public's rising concern over China's economic and military growth.

The former Massachusetts governor is a leader among Republicans seeking the nomination to run against Obama in 2012. But fewer than one in four of the party's voters back him as a surging Herman Cain gains ground, according to a Reuters/Ipsos poll released on Wednesday.

Romney believes the Obama administration has been weak on advancing overseas agreements that might boost free trade, although Wednesday's vote by Congress to approve long-delayed trade pacts with South Korea, Colombia and Panama may take the edge off such criticism.

On the currency issue, the Senate approved a controversial bill aimed at forcing China to raise the value of the yuan earlier this week, in an effort to save American jobs, but its fate in the House of Representatives is uncertain. China denounced the vote as a protectionist step.

Earlier on Thursday, Romney named three of former President George W. Bush's advisers to his campaign's trade team, including Carlos Gutierrez, who was Bush's Secretary of Commerce from 2005 to 2009.

Source: http://news.yahoo.com/romney-renews-attack-chinas-economic-policies-175346693.html;_ylc=X3oDMTEwOWJsaHVpBF9TAzIyMDM4Mjc1MjMEZW1haWxJZAMxMzE4ODI4MDUy

Here it comes..... Cry
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« Reply #1 on: October 17, 2011, 09:32:05 pm »

China calls trade criticism by Romney "irresponsible"

BEIJING, Oct 17 (Reuters) -
China's Foreign Ministry said on Monday that attacks by leading U.S. Republican presidential candidate Mitt Romney on Chinese trade and currency practices were irresponsible, and urged him to stop blaming others. Romney last week threatened trade sanctions against China if the world's No. 2 economy does not halt what he said was currency manipulation, unfair subsidies and rampant intellectual property theft. Romney's tough stance comes as he has sought to stake out differences with President Barack Obama and tap into the U.S. public's rising concern over China's economic and military growth. "We think that that sort of frequently blaming others, looking for scapegoats and even misleading the public, is an irresponsible attitude," Foreign Ministry spokesman Liu Weimin, Liu told a regular news briefing. China's economic success over the last few years was because it was brave enough to face challenges and better itself without blaming others, he added. In September, the official Xinhua news agency called Romney's remarks on the value of the yuan currency an "absurd" attempt to play on U.S. voter fears. The former Massachusetts governor is leading the field of Republicans seeking the nomination to run against Obama in 2012. China's expanding economy and growing global clout, its rapidly growing military which in 2011 unveiled both a stealth fighter jet and an aircraft carrier, and its human rights record all cause anxiety for American voters, polls show. China has repeatedly said that the yuan's value is not a cause of imbalances in the world economy, and that it is committed to the gradual reform of the exchange rate as part of broader reforms to boost domestic consumption. The U.S. Treasury Department said on Friday it would delay until later this year a ruling on whether China is manipulating its currency as Democratic Party lawmakers tried to overcome Republican opposition to a bill that would punish Beijing for its currency policies. (Reporting by Ben Blanchard, Editing by Jonathan Thatcher) Keywords: CHINA ROMNEY/ (ben.blanchard@thomsonreuters.com)(+86 10 6627 1201) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved.

Source: http://www.cnbc.com/id/44926739/China_calls_trade_criticism_by_Romney_irresponsible

Let's just nuke each other and get it over with.
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« Reply #2 on: October 17, 2011, 09:55:49 pm »

Campaign China-bashing obscures real problems

GOP candidates, led by Romney, turn complicated problems with China into populist rallying cry

Associated Press, On Monday October 17, 2011

WASHINGTON (AP) -- It's open season on China in the Republican race for the presidential nomination, and Mitt Romney is leading the charge. Newt Gingrich and some other candidates are on his heels, painting China as the bogeyman responsible for America's economic ills.

Former Ambassador to China Jon Huntsman is the lone holdout, warning against actions that might prompt a trade war.

In a race focused primarily on jobs, taxes and debt, China is emerging as an increasingly prominent foreign policy topic -- largely because it is by extension an issue of economics. The debate centers on legitimate gripes over the Asian power's currency value, huge U.S. debt holdings and pirating of American technology. But those issues are often being melded into an all-encompassing populist argument that China is stealing jobs from the United States.

"Day one, I will issue an executive order identifying China as a currency manipulator," Romney said during in last week's debate, outlining his presidential vision. "People who've looked at this in the past have been played like a fiddle by the Chinese. And the Chinese are smiling all the way to the bank, taking our currency and taking our jobs and taking a lot of our future. And I'm not willing to let that happen."

Continued: http://finance.yahoo.com/news/Campaign-Chinabashing-apf-3026887591.html?x=0&.v=4

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« Reply #3 on: October 17, 2011, 11:31:22 pm »

China Currency Distracts from U.S. Policy Failings

October 17, 2011 8:00 PM EDT

Republican presidential candidate Mitt Romney says that on “Day One” in office he would declare China a currency manipulator. So it’s safe to assume that were he president, he would sign the bill that passed the Democratic- controlled Senate last week to impose sanctions on China if it doesn’t free the yuan to appreciate against the dollar.

House Speaker John Boehner has said he will try to prevent a vote on the currency measure. We hope he succeeds. It’s unfortunate that the temptation to blame other countries for America’s self-inflicted woes is gaining bipartisan support.

Let’s be clear: We don’t favor China’s policy of keeping the yuan artificially weak, and thus making its exports cheaper. But blaming the U.S.’s sluggish economy on China’s currency policy is a diversion from more fundamental problems: the inability of political leaders to revive the economy in the short term (by helping homeowners with “underwater” mortgages, by investing in infrastructure and by providing tax incentives for employers to increase hiring), and in the long term with a budget-balancing plan.

The Senate-passed bill is similar to others offered over the past half-dozen years. Instead of identifying countries -- there’s really just one in mind -- that manipulate their currencies, this version would require the U.S. Treasury Department to spot exchange-rate “misalignment.” A country that fails to take corrective measures would face anti-dumping tariffs and would be barred from selling to the U.S. government.

Manufacturing Truth

And what if a U.S. maker of, say, steel bars used to reinforce concrete can make the case that the same product from China is underpriced because of the yuan? Maybe sanctions will make the American-made product more competitive. More likely, the business will migrate to producers in India, Malaysia or Indonesia, which will continue to underprice the U.S. manufacturer.

The truth is, the U.S. may never again be the lowest-cost maker of sneakers, clothing, kitchen utensils, the innards of iPhones and thousands of other goods for which inexpensive labor is key.

It’s also a stretch to conclude that a weak yuan is the sole source of the yawning U.S. trade deficit with China. In the past five years -- under pressure from the U.S. -- China has allowed its currency to appreciate 20 percent against the dollar. And the U.S.’s trade deficit with China? It hit a monthly record of $29 billion in August.

What’s more, at least half the final price of products labeled as “Made in China” goes to Americans, from retail clerks, to shippers and handlers, advertisers, engineers and designers, according to a study by the San Francisco Federal Reserve.

WTO Complaint

As for China, it would probably protest the measure, should it become law, by retaliating with trade sanctions of its own and lodging a complaint with the World Trade Organization. The WTO may well side with China: Its rules bar cash payments or price supports to subsidize exports, according to the Congressional Research Service, but an undervalued currency probably doesn’t meet that threshold. The International Monetary Fund can deem a currency “misaligned,” the same language used in the U.S. legislation, yet has no authority to impose sanctions.

China’s reluctance to let the yuan strengthen stems from the Faustian bargain the Communist Party has with its 1.3 billion-strong population: The party holds political power while ensuring that people find work in factories making goods for export. A suddenly stronger yuan would make those products less competitive on international markets -- and may lead to civil unrest if millions of Chinese suddenly found themselves unemployed.

America’s Banker

Letting the value of its currency rise quickly has another potential downside for China: The country is America’s biggest creditor, holding $1.2 trillion of Treasuries. A stronger yuan reduces the value of those holdings. To prop up the dollar, China keeps buying Treasuries, making it easier for the U.S. to finance its enormous $1.3 trillion federal budget deficit.

We recognize that China is far from innocent. It should move faster toward policies that increase domestic consumption and rely less on exports for growth. It should continue to let the yuan strengthen, which would reduce the cost of its imports, help contain domestic inflation and put more money in the pockets of Chinese consumers.

Yet a U.S. policy that hinders trade is self-defeating. If America’s leaders ever get serious about correcting the U.S.’s fiscal imbalances, they will be in a better position to impress on countries, such as China, the merits of free trade.

To contact the Bloomberg View editorial board: view@bloomberg.net.

Source: http://mobile.bloomberg.com/news/2011-10-18/china-s-currency-serves-as-distraction-from-u-s-s-policy-failings-view?category=%2F
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