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U.S. lawmakers urge action after China meeting |
2006-12-20 |
Lawmakers on Friday urged the U.S. and Chinese governments to follow two days of high-level talks on trade and economic concerns with concrete action. The U.S. trade deficit with China could reach a record $240 billion this year, fueling the belief in Congress that Beijing is deliberately undervaluing its currency by 15 to 40 percent to give Chinese exporters an advantage in world trade. U.S. Treasury Secretary Henry Paulson told reporters the two countries had agreed during the meetings in Beijing to bring more balance to the U.S.-China trade relationship. U.S. officials also told their Chinese counterparts "in the clearest possible terms" that China needs to move toward a more flexible currency exchange rate policy, Paulson said. But Sen. Charles Schumer, a New York Democrat who is one of China's harshest critics in Congress, said he expected Beijing to continue dragging its feet on much-needed reform. Democrats will again ask the U.S. Trade Representative's office to formally challenge China's currency practices at the World Trade Organization even though USTR has rejected that request a number times in the past. Lawmakers will also reintroduce legislation requiring the Commerce Department to consider China's "currency manipulation" as a subsidy under U.S. trade laws so companies can apply for countervailing duties to offset it. Many U.S. financial services group applauded this week's talks as an important step forward to Chinese reform, but some other industry associations were less impressed. |
Posted by:Pappy |
#9 Then you probably heard those same rumors I did about how the average American consumer is a well-educated comparison shopper who is keenly aware of how the short life expectancy of low-cost goods rarely justifies any money saved. |
Posted by: Zenster 2006-12-20 23:30 |
#8 I noticed Chinese agents running through downtown tonight putting guns to the heads of shoppers and abducting them into busses that drove them directly to Wal-Mart where Chinese minders accompanied them until they had bought everything on their list. The customers were then put through a demagnetizer and their memories of the abduction were erased. All their purchases were put in Costco bags and the trade deficit disappeared. |
Posted by: Nimble Spemble 2006-12-20 21:32 |
#7 It's what they do with those "green pieces of paper" that is cause for concern. As in; Building more nuclear weapons, upgrading their military, undertaking insanely destructive civil engineering projects, giving assistance to terrorist organizations or terrorist sponsoring countries in East Africa. The list goes on and we keep refilling their pen. It also has to do with how they get so many of those "green pieces of paper" due to illicit manipulation of their currency. We are getting snookered in a huge mah-jong game that is rigged nine ways to Sunday. By comparison, I could stand fair trade, but trade with China is anything but fair. The question of even doing business with communists in the first place is another matter entirely. |
Posted by: Zenster 2006-12-20 21:20 |
#6 So, China is sending us toys and we send them green pieces of paper. BFD. Just because it has the word "deficit" doesn't mean it's bad. China is not a nice country and pulls a lot of dirty tricks. But, a trade "deficit" per se is not something to stay awake at night about. |
Posted by: Jackal 2006-12-20 20:48 |
#5 How much is that of Walmart? Bout my only hang up with the outfit. Unavising Hupoper6717, it's pretty clear you don't know jacksquat about Wal-Mart. On average Wal-Mart represents a solid 10% of our trade deficit with communist China. Beyond that, Wal-Mart has numerous extremely negative impacts upon the towns where they set up business. Forget for the nonce about how they hollow out a community's small business core. Municipalities entice Wal-Mart stores to locate in their area by offering huge tax relief incentives. The suckered politicians do not realize that Wal-Mart employees are so severely underpaid that many of them make below poverty line incomes. These "working poor" then fall back upon local government safety nets for food stamps, health care, lunch programs and other social services to make up the shortfall of working at Wal-Mart's scanty wages. Some estimates place the 2004 Federal tax burden consumed by Wal-Mart employees at a staggering 2.5 BILLION dollars. Some information from the Wake-Up Wal-Mart web site: A Substantial Number of Wal-Mart Associates earn far below the poverty line Why can't we slap a tariff on them? Makes too much sense? Wait a minute, I get it, Walmart wouldn't like that and then they wouldn't contribute to somebody's election campaign. People might complain 'cause they couldn't get all that cheap, plastic crap Made in China anymore. The commies wouldn't like it either and they wouldn't contribute either. Ooops. Did I say that? Can't have that. Never mind national security, just secure those profits and get yourself elected. Spot on, Ebbang Uluque6305. Our politicians cannot bring themselves to demand that their campaign contributors pull away from Uncle Mao's All-You-Buy cheap labor trough. Even when it is compromising national security. We are all being sold down the proverbial Yangtze River. Some facts about Wal-Mart and China: Wal-Mart buys much of its merchandise from China Wal-Mart is not America's friend. If you want to shop at a good organization, patronize Costco. Wall Street has repeatedly threatened to downgrade Costco's rating because the company steadfastly refuses to reduce employee benefits in order to maximize earnings. This is the exact opposite of Wal-Mart's predatory policy. Wal-Mart is essentially un-American in their exploitation of all loopholes that maximize corporate profit without creating actual careers. Communities are not built around jobs, they are based upon real careers that pay a livable salary. Poverty line wages do not fulfill those criteria. |
Posted by: Zenster 2006-12-20 15:36 |
#4 China undervaluing its currency? You mean they're, like, not playing fair? I'm shocked, I tell you. Shocked! Why can't we slap a tariff on them? Makes too much sense? Wait a minute, I get it, Walmart wouldn't like that and then they wouldn't contribute to somebody's election campaign. People might complain 'cause they couldn't get all that cheap, plastic crap Made in China anymore. The commies wouldn't like it either and they wouldn't contribute either. Ooops. Did I say that? Can't have that. Never mind national security, just secure those profits and get yourself elected. It's ironic that the world's biggest capitalist pigs exploit workers in the world's biggest commie concentration camp. But with the commie bosses raking in all that dough for the PLA you have to wonder, who is exploiting whom? |
Posted by: Ebbang Uluque6305 2006-12-20 12:23 |
#3 Now Chucky, you've been looking for an issue to pursue. You've talked of this before. Get on it. Generate a bill that slaps a unilateral 30% tariff on all Chinese exports to US. That'll get the hornets flying and put your name right up front on the Ny Slimes. |
Posted by: SpecOp35 2006-12-20 11:47 |
#2 The U.S. trade deficit with China could reach a record $240 billion this year... How much is that of Walmart? Bout my only hang up with the outfit. On the other hand, if the Chinese were to act upon Taiwan, what would shutting $240B off the Chinese economy do? Could we say massive recession. I'm sure the Party is prepared for that. |
Posted by: Unavising Hupoper6717 2006-12-20 09:22 |
#1 Must be Year 2019 = CHINA the MEGA-POWER fever - see also NEWSMAX > CHARLES SMITH = ALL HAIL PRESIDENT HILLARY. Never mind Obama, Kerry or Gore, etc., or winning an elex, Hillary will be POTUS in 2008 becuz the MSM = Media have already made her so. |
Posted by: JosephMendiola 2006-12-20 00:08 |