Reuters says the "China question" has entered the 2012 Presidential race

Posted by scapozzola on 09/08/2011

As Reuters correspondent Paul Eckert sees it, Republican presidential candidate Mitt Romney has just opened a whole new area of the GOP primary race:

Republican presidential candidate Mitt Romney's threat to get tough with Chinese trade practices has moved China from the background to a potentially significant issue in the 2012 presidential campaign.

The Romney campaign has released an economic/jobs plan, and one particular point is fairly startling.  Romney says that one of the actions he'd take on day one of his presidency would be to cite China for currency manipulation.

Eckert reports that criticism of China has become "a more bipartisan affair" and quotes Alliance for American Manufacturing (AAM) Executive Director on the timing of this rhetoric:

"Candidates are out there listening to voters, who are talking about these issues and they know that we are getting our lunch eaten by China," said Scott Paul, executive director of the Alliance for American Manufacturing, which has a major stake in trade with China.

Paul said a poll the group conducted in July showed that Republicans were as strong as Democrats in supporting more assertive U.S. trade policies toward China.

Eckert asked Paul about President Obama's record on China, and Paul explained that "President Obama has had five chances to name China as a currency manipulator, which they certainly are, and he's failed five times to do it":

Paul, who welcomed Romney's remarks, was referring to the twice annual report the Treasury Department submits to Congress on countries deemed to be manipulating their currencies. The Obama administration, like its predecessor, has demurred from naming China as a manipulator.

Paul also explained the historical precedent set by Ronald Reagan to address similar concerns in the mid-1980's:

"President Ronald Reagan was for free markets but he was willing to take on Japan on semi-conductors and, famously, the value of the yen," he said.

Read the full Reuters article.

1 comment

Anonymous wrote 2 years 51 weeks ago

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Here are my proposals for creating good jobs and reindustrialization of America.

How to Reindustrialize America — Overview Note from the Author
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I have written this book titled “How to Reindustrialize America” as a kind of elaborate town hall meeting statement from a concerned citizen. In brief, the solutions I propose in this book are as follows: I propose what I call “the new constructivism consensus” as a general perspective and as a pragmatic economic philosophy for America’s economic future. I show why many of our present popular notions about our economy are incorrect and why our present tool box of solutions is insufficient. I propose additional tools to correct that deficiency. I show what the core problem is for our economy in this era of hyper-globalism and why trade protectionism and massive government stimulus expenditures will not solve the problem. I propose “The Iron Law of Developmental Tendencies” to explain the situation we face. I propose that we adopt something I call the CMA-FREE-dom objective, or the Counter METN Advantages Full, Right, Effective, and Efficient objective for our economy. I propose something I call the PICs and PIPs system (for production incentive certificates and purchase incentive plans) for matching supply with demand with targeted complementarity in a series of financially self-sustaining private industrial projects. I propose the ACC InnovX network, or Area Content Contract Innovation Exchange network, for local and state promotion of new industries that will have a high degree of immunity from competition from cheap imports. I propose ways to empower that NGO network with proactive intellectual property security measures and tax advantages. I propose the Strategic Industries Act. I propose a dedicated banking system for securely financing domestic manufacturing and wholesale order fulfillment. I propose a device for seniors I call PECO or Parallel Economy incentives to reduce unemployment for non-seniors. I propose a universal system for promoting Made in America transactions. I propose ways to increase foreign tourism in the US to boost employment and reduce the trade deficit. I propose non-subsidy, non-tax methods we can use to encourage investments in domestic alternative energy sources and to focus on greater utilization of our mineral resources. I propose a hand-holding program to encourage export of US made products. I propose a series of projects I call “Benefits without Billions” to improve our communities and the wellbeing of our workforce. I propose the PAL or Public Asset Leveraging concessionary, non-privatizing method to encourage private investment in new industries that the private sector can create with opportunities provided by the public sector that will be immune to cheap imports. I propose the CRST or Contingency Refundable Surtax as a way to more securely pay down the national debt and better manage and control public expenditures, especially given our present political situation in this country. I also propose the creation of a nationwide, state, local, and national public interest group to promote all of these ideas and the general reindustrialization of America over the long term. I call that organization TIP or The Imagination Party. Along with all of this, I focus on specific actions we can take at all levels in all sectors of our society to reindustrialize America. I do not offer mere generalities of what should be done. I offer highly specific solutions. I propose in detail a number of categories of and a number of specific projects, programs and systems for our nation to use to reindustrialize America and create a massive number of good jobs. Most of all, I show how all of these initiatives can be undertaken without massive government expenditures, and, with the exception of the CRST initiative, without increases in government taxation. Samuel A. Helm – email: (tel. 765-529-0513)

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