More on Our Trade Deficit with China
Posted by jeckert on 08/18/2010
The AFL-CIO's blog, AFL-CIO Now, has pointed out that the biggest contributing factor to our trade deficit with China is currency manipulation.
Faulting those in Congress who refused to address currency manipulation, and citing Paul Krugman's piece on currency manipulation in the New York Times, James Parks concludes, "Here’s the solution. When Congress gets back from its summer vacation, lawmakers should get down to work and pass currency legislation (H.R. 2378 in the House and S. 3134 in the Senate)."
Krugman writes:
"Right now, China is following a policy that is, in effect, one of imposing high tariffs and providing large export subsidies because that’s what an undervalued currency does. That should be a violation of trade rules; it might in fact be a violation, but the language of the law is vague on the subject."Read more. ##
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