Next week, George Bush will visit China as part of his week-long
junket to Asia, in which it is expected he will personally urge Hu
Jintao, Prime Minister of China, to continue revaluing his nation’s
currency. Bush is under pressure from unions and trade lobbyists, who
allege China’s artificially cheap currency is responsible for the
outsourcing of millions of jobs. American politicians are demanding that
Bush give China an ultimatum: either revalue, or face the consequences,
in the form of tariffs and other trade restrictions. In addition, the
Treasury Department was supposed to release a report on currencies last
month, in which China would likely be labeled a ‘currency manipulator,’
but has delayed the release of the report until after Bush returns from
his visit.
“I will remind him that this government believes they
should continue to advance toward market-based evaluation of their
currency for the sake of the world, not just for the sake of bilateral
relations,” Mr. Bush told a group of Asian reporters this week.
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Bush to Press China on Yuan in Visit
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