Thursday, February 26, 2004

Economy – US officials sing pro-China song

US Trade representative Robert Zoellick targeted the growing anti-China sentiment in his country during a speech on Wednesday at the Asia Society in New York.
He warned that the US could not keep Chinese goods out.

"Just (when) the Chinese are learning the win-win nature of trade, Americans should not forget how the idea works," the chief architect of the Bush administration's trade policy said in a speech to the Asia Society. "There is much at stake for both countries, and the world, in how China and the United States exercise power and responsibility,” he said according to a report by Reuters.
Earlier Zoellick had also warned the US manufacturers that the peg between the Chinese Renminbi and the US dollar would not go against the regulations of the World Trade Organization (WTO). American lobby groups try to seek a legal way to attack that peg, which hurts their interests they say.
During the campaigns for presidential elections in the US in November 2004 a tougher tone would be expected of both president Bush and the Democratic contenders, but high level official tend to take at this stage a more moderate approach. The presidential economic advisor Gregory Mankiw too earlier some heat when he said that outsourcing was actually good for the US economy.

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