U.S. Adopts Tougher Stance on China(Turbo Timmy barks at Chicom)

NYT ^ | 09/16/10 | SEWELL CHAN

[TigerLikesRooster]

U.S. Adopts Tougher Stance on China

By SEWELL CHAN

WASHINGTON — The Obama administration is moving to take a harder stance on the Chinese government’s trade and currency policies, with anger toward China rising in both political parties ahead of midterm elections.

Treasury Secretary Timothy F. Geithner, in separate hearings before House and Senate panels, plans to acknowledge on Thursday that China has kept the value of its currency, the renminbi, artificially low to help its exports and has largely failed to improve the situation as it promised to do in June.

“We are concerned, as are many of China’s trading partners, that the pace of appreciation has been too slow and the extent of appreciation too limited,” Mr. Geithner plans to say, according to excerpts of his statement released on Wednesday night by the Treasury Department.

[TigerLikesRooster]

China responded as follows(from Caijing):

Groundless to Accuse China’s Exchange Rate Policy Due to Trade Surplus: MOC

09-16 16:26 Caijing comments( 0 ) 　

China doesn’t want “a few politicians” to attract votes by accusing China’s trade policies, especially the currency system.

China rebuts the U.S.’ criticism over its currency, the yuan, saying it is groundless to say China manipulates its currency to boost foreign trade.

“It is groundless for the U.S. to criticize China’s exchange rate policy simply according to the trade surplus alone,” Yao Jian, spokesman with the Ministry of Commerce, said Wednesday at a news conference.

The comments came after key U.S. Congressional hearings on Beijing’s currency late Wednesday. China is facing fresh pressures for the United States for a stronger yuan before the mid-term elections in November.

“China’s trade surplus against the United States only reflects part of the two parties’ economic relationship,” Yao said, “The United States has massive investment in the Chinese market, with $220 billion worth of sales volume annually. Taken together, China and the United State’s economic benefits are complementary.”

It is unreasonable to bring pressure over Beijing’s currency system, judging by China’s trade surplus against one country, Yao said. He also noted that Chinese government has adopted a strong of policies to encourage import since the start of the year.

China doesn’t want “a few politicians” to attract votes by accusing China’s trade policies, especially the currency system, Yao added.

At the same time, Yao also rebuff a U.S. Commerce Department’s decision to impost anti-dumping and countervailing duties on Chinese steel products.

The Chinese government and industries would not accept the duties as they were discriminatory, he said.

[MNJohnnie]

More Kabuki theater for the clueless Union voters in the USA.

This is a song song by idiots full of sound on and fury but signifies nothing.

0 regime cannot beg the Chinese to fund the debt they are running up on one hand and “get tough with them over trade issues” on the other.

[TigerLikesRooster]

Perhaps Zero is soliciting advice from Kim Jong-il, who is good at this sort of thing. A country which is flat-out broke using its prospect of collapse to its advantage.

[PoloSec]

“The Chinese government and industries would not accept the duties as they were discriminatory, he said.”

The Chinese have learned well how to play the game against America...they simply respond...THAT’S RACIST!!!!