U.S. files two new trade cases against China with WTO

[pampango]

Source: Washington Post

The new appeals to the WTO are part of an evolving administration strategy to press China for better market access while playing down the high-profile dispute over how Chinese authorities manage the value of the country's currency.

The latest cases attack import duties imposed on certain types of U.S. steel and challenge the virtual monopoly over electronic payment processing granted to a state-owned Chinese company. They come on top of other trade actions filed by the administration, including the tariffs on imported Chinese tires and a high-profile challenge of the subsidies and other support that the country provides to its alternative-energy industries.

"In each of these cases, will be pressing to ensure that we obtain the trade benefits provided by the WTO agreement," U.S. Trade Representative Ron Kirk said in a statement.

The WTO and other trade actions come as the Obama administration has become less concerned about China's management of the value of its currency, the renminbi. ... Chinese officials have been allowing the renminbi to rise in value, and many longtime critics of China's currency management say recent signs are encouraging. Including the effect of inflation and a recent drop in the value of the dollar, the Chinese currency is appreciating at a rate of about 10 percent a year.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2011/02/11/AR2011021105018.html

[dipsydoodle]

1. manage the value of the country's currency ?

US effectively does the same by the use of the petrodollar scam allowing it to print unbacked fiat money.

[lonestarnot]

2. Oh fuck WTO! Bastards.

[HankyDubs]

3. uhm

Just place tariffs on Chinese made goods if they are placing tariffs on yours...

...of course the Waltons and Bill Gates probably would object to that...

[Populist_Prole]

4. As would the corporate media

They'd be crying their crocodile tears for how this will "hurt the US consumer...." No mention of citizens, just "consumers" who would shrivel up and die without the ever essential cheap imported goods that are supposed to offset the lowering, even the loss of, income.

[Dotsconnectors]

5. China’s Innovative Beggar-thy-neighbor Strategy!

Insanity: doing the same thing over and over again and
expecting different results. – Albert Einstein

As long as the United States continues to allow China to
manipulate the U.S. Dollar and therefore manipulate our trade
with ALL our trading partners:
-	our balance of trade with ALL our trading partners will be
worse than it would otherwise be.
-	free trade agreements will work to our disadvantage and we
should halt entering into new ones.

China’s beggar-thy-neighbor strategy is not a competitive
devaluation of its currency, which would only cheapen its
exports and make exports into China more expensive, but an
over-valuation of the currencies of one or more of its trading
partners. This negatively affects all the trade of the pegged
trading partner(s), not just trade with China. U.S. Dollar
over-valuation was 8 times as damaging to the U.S. recovery as
what the media refers to as “China keeping it currency
undervalued”. 

A link to my submission for the record for the September 15,
2010 Hearing on China’s Exchange Rate Policy, follows:
http://waysandmeans.house.gov/hearings/Testimony.aspx?TID=9666

An Inflation-Neutral Balanced Trade System (BTS), inspired by
Warren Buffett’s 2003 Import Certificate Plan is introduced at
the top of page 4 of the Pdf.

[midnight]

6. This piece of information is fascinating....

U.S. Dollar over-valuation was 8 times as damaging to the
U.S. recovery as what the media refers to as “China keeping
it currency undervalued”.

I'm not sure how it damages our recovery, can you give a simple example? Thanks...

[Dotsconnectors]

9. Why U.S. Dollar over-valuation was 8 times as damaging !

Since U.S. trade with China is about 12% of our total trade, if China was only “keeping it currency undervalued” it would adversely affect only 1/8th of U.S. Trade. Since China, during its peg to the Dollar, was actually keeping our currency overvalued, its effect is eight times as damaging, since an over-valued currency spurs consumption of ALL imports and stifles ALL export.

FYI - the link was changed by the new House majority to:

http://democrats.waysandmeans.house.gov/media/pdf/111/2010Sept15_Campbell_Submission.pdf

An Inflation-Neutral Balanced Trade System (BTS), inspired by Warren Buffett’s 2003 Import Certificate Plan is introduced at the top of page 4 of the Pdf.

[OrwellwasRight]

7. welcome to DU

but I can't get your link to work

[Dotsconnectors]

8. An Inflation-Neutral Balanced Trade System (BTS),

The link was changed by the new House majority to:

http://democrats.waysandmeans.house.gov/media/pdf/111/2010Sept15_Campbell_Submission.pdf

An Inflation-Neutral Balanced Trade System (BTS), inspired by Warren Buffett’s 2003 Import Certificate Plan is introduced at the top of page 4 of the Pdf.