Posted on 09/15/2010 9:44:04 PM PDT by Justaham
The Obama administration is signaling it plans to take a tougher stance with China on trade issues, including demanding that Beijing move more quickly to reform its currency system.
As part of that new approach, the administration filed two new trade cases against China before the World Trade Organization and Treasury Secretary Timothy Geithner said China must move faster to allow its currency to rise in value against the dollar.
In testimony prepared for two congressional hearings on Thursday, Geithner criticized a variety of Chinese economic policies from Beijing's currency system to what he said was rampant piracy of U.S. products and the erection of numerous barriers that prevent U.S. companies from operating in China.
"We are very concerned about the negative impact of these policies on our economic interests," Geithner said in testimony prepared for hearings of the Senate Banking Committee and the House Ways and Means Committee.
His comments come at a time of growing U.S. unhappiness with Chinese economic practices, which critics contend have led to huge U.S. trade deficits with China and the loss of millions of American manufacturing jobs over the past decade.
Lawmakers in both the Senate and House, responding to voters unhappy with painfully high unemployment in the United States following a deep recession, are pushing legislation that would expand the government's power to impose trade sanctions on China.
Geithner, while not endorsing the new legislation, said that the administration was committed to "using all tools available to ensure that American firms and workers can trade and compete fairly with China."
On Wednesday, U.S. Trade Representative Ron Kirk announced that the administration was filing two new trade cases against China before the Geneva-based WTO, which oversees the rules of global trade.
(Excerpt) Read more at breitbart.com ...
The Chinese government will not be able to sleep tonight if this news got to them. /SARC
Yeah, right. More like "you'll get your money".
STAND BACK!
Anytime soon we can expect Obama to issue a STRONGLY WORDED RESOLUTION!
ooooh oooh Does this mean that Obama is going to force the Chinese to buy more of our debt??? /Sarcasm -off
Well, no basket of videos for them! That’ll teach ‘em.
I’m sure they’ll get right on it.
it’s like he’s trying to tick them off. need another crisis/distraction
How many vows are we up to, now?
Would probably be easier to count the ones he’s kept.
They owned mac daddy when he sold his soul to become the current squatter soiling the White House.
How? By defaulting on our debt??
With a panty-waisted limp-wrist like duh’bumba in the WH, I’ll wager the Chinese are just quaking in their bowl of rice.
I call BS given how “tough” this idiot-ridden administration has handled Iran. =.=
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