President Hu Jintao's Washington visit to solve trade crisis
14 Apr '06
2 min read
Hu Jintao - Chienese President
American Manufacturing Trade Action Coalition (AMTAC) said Chinese President Hu Jintao is scheduled to travel to Washington, DC on April 20 to discuss US-China relations.
His visit highlights the crisis in US trade policy in general, and with China in particular.
Last year, the US trade deficit was a staggering $725.8 billion, with China alone responsible for $202 billion in red ink.
This year, while the US trade deficit with China fell in February, AMTAC expects it to rise again for 2006. Meanwhile, 2,885,000 U.S. manufacturing jobs have disappeared since January 2001.
"President Hu's visit highlights the fact that US trade policy is in crisis. The United States ran a record trade deficit in 2005 and China contributed the largest share of the damage."
"This trade deficit is unsustainable and must be staunched in short order," said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
"China is the lightning rod for much of what is wrong with US trade policy. China manipulates its currency, doles out billions in non-performing loans from state banks, runs roughshod over intellectual property rights, and hands out subsidy after subsidy all with the intent of driving out of business US companies forced to play by free-market rules, yet the US government seemingly is powerless to act," Tantillo continued.
"It is time for the US government to stop coddling China. In the arena of international trade, China is a full-fledged superpower."
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