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Now very familiar with this feeling. Chinese yuan pegged to the U.S. dollar over the years implemented policies to make the U.S. government launched an attack a row, accusing the RMB exchange rate undervalued. Senators and congressmen have threatened to impose punitive tariffs on China. This is simply a replica of 2005.

At that time, these threats did not do it, mainly because China allowed the yuan to rise gradually. But this time they look more seriously - in particular, are now being carefully prepared retaliatory measures against China, suggesting that the U.S. government more willing to put into action, and not just bluff.

So, what happened change? One obvious change is the White House and Congress changed hands. In 2005, when George W. Bush (George W. Bush) government against the imposition of the tariff rate of such measures by the Republican-controlled Congress, but also reduces the possibility of adoption of such measures. In contrast, the current President Barack • Obama (Barack Obama) on trade issues, show more concern, in taking action to reduce the subsidized imports are also more urgent. Last year, he approved an emergency levy tariffs on Chinese tires - this is a George W. Bush repeatedly refused to use measures.

But the conservative American Enterprise Institute (American Enterprise Institute) scholar Philip • Levy (Philip Levy), said so far the biggest change is the global financial crisis after the economic situation. He said: "In the past it was pointed out the advantage of the deficit the United States can borrow money from China in the hands of low-cost. Since the United States currently mired in a liquidity trap (in this case, means the interest rate can no longer promote the expenses), low-cost loans to the United States does not the benefits of that. "

Levy added that, with investment in China, where U.S. companies found that more and more difficult to do business, the U.S. government confrontation with the Chinese side, the resistance from the business sector have abated.

However, when efforts to force China to let its currency appreciate, the United States continue to face the same problem: to design a measure in line with international trade rules. • New York Democratic Senator Charles Schumer (Charles Schumer) and the South Carolina Republican Senator Lindsey • Graham (Lindsey Graham) will be a few years ago, after perfecting the proposal to re-put forward.

An earlier version of the proposal, but recommended Chinese imports impose a 27.5% tariff, which has seriously violated World Trade Organization (WTO) rules. The new proposal will have to much more cunning, since it is considered in the calculation of the subsidized imports imposed emergency "countervailing duty", the concept of allowing the use of exchange-rate misalignments. Other possible measures include such countries opposed to the International Monetary Fund (IMF) to get more voting rights, and the prohibition of the federal government purchases from companies in these countries.

It is noteworthy that the above proposal, the implementation of such measures to reduce the threshold. Reports the exchange rate is widely expected to decide is whether the relevant countries for trade purposes, "manipulating" exchange rate, but "Schumer - Graham bill" (Schumer-Graham bill) is only concerned about "imbalance" exchange rate. The U.S. Treasury Department on April 15 released the report of the exchange rate.

People are still strongly suspect the legitimacy of such measures. A former Bush administration senior officials of the Ministry of Commerce David • Spooner (David Spooner) pointed out that only consider the exchange rate undervalued, overvalued exchange rates without taking into account the factors that may be unfair to expand the scale of emergency duties. And people are still far from clear whether the exchange-rate misalignments, as defined in the rules like the WTO is a "With export" subsidies.

Some people also questioned the issue of the United States in the exchange rate alone with the political wisdom of confronting China. Bush administration officials responsible for international economic affairs, Dan • Price (Dan Price) said that the other trading partners may see the export of Chinese products have been replaced.

Price said: "The United States should avoid taking action to such a reasonable concern about the evolution of the multilateral ... ... United States blame each other for the escalation of bilateral issues."

At the core of the controversy a Member had similar concerns. House Ways and Means Committee (in charge of trade) Deputy President, Michigan • Congressman Sander Levin (Sander Levin) has long been criticism of China and its exchange rate policy. But he was opposed to hasty action.

Levin said the recently held a fund-raising committee hearings should be in the Treasury report comes before the exchange rate to create "a stronger sense of awareness and urgency."

But people are still far from clear whether they will take the kind of unilateral action, which will this conflict from the intense war of words escalated into potentially explosive legal action.

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