Washington, D.C. – Presidents Obama and Xi on Friday indicated that differences remain between the two countries on several key issues including cyber security and currency manipulation. Yet "commitments" will accomplish little for the contentious relationship if not followed by action.
Said Alliance for American Manufacturing President Scott Paul:
“At a time when there is so much anxiety about our economic relationship with China in the U.S., it’s appalling that the joint meeting produced such trivial results.
“Many of the statements and commitments made today by President Xi and President Obama will perpetuate a system in which American factories continue to lose ground, and worker lose both jobs and hope.
“Assurances from President Obama and President Xi are no substitute for consequences and effective deterrents against currency manipulation. There is still no effective legal mechanism for U.S. industry and workers to seek relief from the devastating effects of China’s intentionally undervalued yuan.
“Also, President Xi noted bilateral relations would improve if the U.S. graduates China to market economy status for the purposes of adjudicating trade law. But here’s the rub: China is nowhere close to a market economy, nor will it be next year.
“Finally, there appeared to be no conversation whatsoever about the huge disparity between U.S. exports to China and Chinese imports into the U.S. – our $343 billion annual trade deficit. This sustained and growing deficit has hurt America’s middle class more than any other economic issue over the past 15 years.”
Read AAM’s China state visit priorities.
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