Posted on 09/15/2010 4:23:59 PM PDT by DeaconBenjamin
WASHINGTON (AFP) – Trade tensions between the United States and China ratcheted up another notch Wednesday, as Washington called on the WTO to probe unfair Chinese trade practices.
The United States asked the World Trade Organization to investigate China's allegedly unfair treatment of US steel and electronic payment providers, the first step toward sanctions.
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US authorities said China slaps unfair duties on US electrical steel and has not opened up its market in electronic payments.
The announcement comes on the eve of what promises to be an acrimonious appearance by Treasury Secretary Timothy Geithner before the US Congress.
Facing November elections shaped by voter anger at the sour economy, US lawmakers will grill Geithner on what they charge are China's unfair policies.
Key Senate and House of Representatives committees are weighing bills to impose retaliatory measures against Chinese goods amid accusations that Beijing keeps its currency -- and thereby its exports -- artificially cheap.
The White House's Democratic allies have expressed frustration with both China and US President Barack Obama's administration, and warned that lawmakers may be forced to act unless Washington wrings some concessions from Beijing.
(Excerpt) Read more at news.yahoo.com ...
Someone should ask Tim if China is running up the price of gold so they don’t get caught with his ever decreasing in value notes.
Why is the once-great US asking the WTO to evaluate anything? It’s time to keep Chinese (and other) merchandise out of the US if it undermines US workers.
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