Posted on 03/19/2006 12:45:08 AM PST by ncountylee
CHINA’s premier, Wen Jiabao, holds a rare news conference to announce, among other things, that his government will do nothing to increase the value of the yuan. America’s commerce secretary, Carlos Gutierrez, responds with a warning that such a policy “will have consequences ... The American people may be forced to reassess our bilateral economic relationship”. And he wants more than a currency revaluation. Congress, he says, is prepared to act unless China opens its telecoms, IT and state procurement sectors, and takes steps to protect intellectual property. Gutierrez made these demands knowing that only a few days earlier the Chinese legislature had refused to back a plan to increase private property rights.
All this comes on the heels of a spectacular public spat between President George Bush and Democrats and members of his own party over Dubai Ports World (DPW). Bush had favoured allowing DPW to acquire the management contracts for six American ports, but his opponents forced the company to back away.
That was not the first deal to be scuppered by public concerns about foreign acquisition of what are seen as strategic assets: a Chinese oil company abandoned efforts to acquire Unocal after Congress demanded that it drop its plans. And the battle is escalating: Duncan Hunter, Republican chairman of the House Armed Services Committee, is demanding that all of America’s “critical infrastructure” remains in American hands.
Meanwhile, New York’s Democratic senator, Chuck Schumer, has legislation pending that would impose a 27.5% import duty on Chinese goods, to make up for the undervaluation of the yuan.
(Excerpt) Read more at timesonline.co.uk ...
America does; but, The administration refuses to. The pubs won't budge. Rush asked a question "pop quiz" as it were that he'll deal with monday. I think we've discussed this into the ground already. The difference between the port deal and illegal immigration is the money involved and the substance.
The politicians have chosen something with little comparative impact to support an appearance belied by the immigration issue. Illegals are big money - thus the refusal by the politicians to listen to us on that issue. That issue has far reaching consequences - all monetary and all bad for america but good for greed.
I'm shocked but Schumer got something right.
We have to put national security above money or we will lose both.
But makes you want to shower again.
Schumer got nothing right. He wants to charge me 27.5% for anything I buy that is made in China. The US government would get the money for pork projects. Shumer would get many campaign contributions from unions and those against companies as Walmart and Cosco. Countries would reciprocate and US products would be taxed the same on its exports. Schumer should try business for a while instead of politics. Lets see if he could make a living in business by extortion. The entire cost of this folly would be borne by US citizens and it is them that would suffer.
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