Posted on 04/08/2005 11:35:17 AM PDT by Paul_Denton
Friday 8th April, 2005
China to face U.S. tariffs unless it devalues currency
Big News Network.com Friday 8th April, 2005
Anger over the ballooning trade deficit with China appears to be pushing the U.S. Senate toward passage of an overtly protective tariff.
An apparently increasing number of senators, significantly including Republicans, now see Beijing's suppression of its currency's value as a strategic obstacle to curbing a trade deficit that reached $8.43 billion in the first quarter, the Financial Times said Friday.
Senators will vote no later than July on legislation that would give China six months to revalue its renminbi or face a 27.5 percent tariff on all its imports. An effort to kill the legislation failed Wednesday on a 67-33 vote.
Clearly the mood on China is getting more and more intense. There is a lot of surprise at the amount of Republican support, said Frank Vargo of the National Association of Manufacturers, which opposes the bill as a violation of World Trade Organization rules.
GOOD!!!!!!!!
This is nuts. What we are really saying is that they should give up a chunk of their dollar reserve. We don't realize that if China ever comes back to cash out their Treasury holdings, we may have no choice but to inflate away our currency.
Yeahhhh!
Increase the prices Americans pay for Chinese imports 27%, and give the money to the government!
Great idea!
The only real positive potential is it will P-OFF the WTO. If I could , I would remove the US from the WTO and all world trade agreements , for that matter. Now ask me why...you should not have to.
Bush would veto it. This is a nonissue.
Bush hasn't vetoed a single thing yet...
bump
I do not think GWB knows where the veto stamp is.
Bush family has been making a fortune in China since the days of W's grandfather. No way he will kill the goose that lays the family golden egg. Bonus: The veto happens to be the right thing to do.
Then the veto would need to be overidden. BTW, has he actually vetoed anything? I am a big Bush defender, but I am getting tired of defending him.... to all my former Republican friends.
President Bush, if you want my support back, slap a major tarriff on China, Close our Southern Border (and I am married to a Latin Lady, so this isn't racism with me), force Koffee Annan to resign and reform the UN, stop campaingning for Hitlary by flying her disgraced impeached husband around (and getta pappa Bush to stop palling around with Bealzebubba). I am at wits end. Stop being Democratlite!!!
I knew about Gore and Occidental
Clinton and Cocaine
Kennedy and the mob
But I've never heard about the Bushes and China - please explain.
I guess that Free-trade thing isn't working out like promised.
This kind of government interference is bound to have unpredictable and dangerous consequences. See smoot hawley.
Like Joe Kennedy (JFK's dad), W's grandfather (Prescott Bush Sr.) made a fortune dealing with the Nazis pre-World War II.
Post-WW II, the money was diversified into domestic oil interests and various deals with China. In fact, W's uncle (Prescott Bush Jr.) is a close friend of Chinese President Jiang Zemin.
W's father, Bush '41, was appointed U.S. Ambassador to China in 1974 because of this relationship of the Bush family with the ChiComs.
There is alot more out there on the Internet (Google it). Doesn't make W a bad person. Just means there is a snowball's chance in Hades that he will voluntarily get into a p#ssing contest with the ChiComs.
I agree and remove the U.S. from all FREE TRADE agreements too.
You can do you part by doing your best to not buy anything made in china. It is what I do.
This action is long overdue. We need to do the same thing to the Euros too.
I thought I heard that somewhere, but then again they made lots of money off the middle east too. They're mindset definitely changed there, and I'd imagine they will not allow lightning to strike twice. In other words the bushes were double crossed by the Saudi's and such, and I don't belive they will allow that again. Another note of interest is that Bush senior was the Head of the CIA before his ambasador status in China.
Free trade is a great idea in theory. Unfortunately we have to deal with the reality.
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