- Obama ‘cavalier’ in hiding foreign aid order, judge rules
- Prince Charles: Muslims are driving Christians from Mideast through persecution
- Gitmo’s first commander: Close the prison down
- Google’s newest photography find: Just wink and shoot
- Detroit’s Heidelberg art project hit by 8 fires in 8 months
- Pa. police pull people over for random DNA tests for feds
- NASA pushing hard to get back into space game
- Harvard student to face federal charges for bomb hoax
- Ronnie Biggs of ‘Great Train Robbery’ fame dies, 84
- Pope Francis wins another ‘Person of the Year’ — from gay rights magazine
U.S. free-traders sour on China
Action urged to slash imbalance
Mr. Locke and Mr. Kirk will lead the U.S. delegation to talks Tuesday and Wednesday to the U.S.-China Joint Commission on Commerce and Trade (JCCT), a group that the House members said had failed to help U.S. companies get “commercially meaningful” access to China.
Adding to the heat, C. Fred Bergsten, the head of the widely respected Peterson Institute for International Economics, last week called on Congress and the administration not only to adopt the tariff legislation, but also to escalate the dispute by taking the U.S. case against China before the World Trade Organization.
“With policymakers failing to make progress on the critical issue of global imbalances, America has no alternative but to put China on notice,” he said. “Trade is impeding rather than leading the recovery” in the United States.
China’s trade surplus with the U.S. is speeding toward record levels again, while its “hoard” of foreign-exchange reserves earned through trade is growing faster than ever, re-creating the overheated financial conditions that helped cause the U.S. credit crisis and Great Recession, he said.
The U.S. needs to take action on its own to curb the trade deficit by slashing the U.S. budget deficit, as recommended by a presidential commission this month, Mr. Bergsten said. That would show China that the U.S. is serious about doing its part to stop overindebtedness and overspending — the chronic U.S. economic problems that have fed the trade deficit.
The “stalemate,” he said, has “intensified the feud over currencies and trade, rather than helped to resolve it. The Chinese say they will never move under foreign pressure.”
But their actions reveal “they will do so only under such pressure,” he said.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
About the Author
- Canadian court backs plaintiffs in Chevron case of Ecuadorean rain forest pollution
- H2OIL: New fuel technology gulps water, threatens supply
- Russian officials press bilateral U.S. trade deal
- Inconvenient truth: China, developing world now biggest source of greenhouse gases
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
Latest Blog Entries
By John R. Bolton
The president fiddles at his domestic altar while the world burns
- U.S. Army mulls wiping out memory of Robert E. Lee, 'Stonewall' Jackson
- BOLTON: Nero in the White House
- HURT: D.C. gets the vapors, calls sequester too much
- Top Democrats reject court ruling over NSA spying on Americans
- Obama mocks Putin, picks gay athletes for Sochi delegation
- EDITORIAL: Al Gore, soothsayer
- We told you so: Conservatives foresaw polygamy ruling
- Army to cut up to 4,000 captains and majors
- Gov't wasted $30 billion on 'pillownauts,' crystal goblets -- buying human urine!
- PRUDEN: The scam that will not die
Independent voices from the The Washington Times Communities
Wall Street news for retail investors who want to know what's going on.
Politics, economics, and business from a real world perspective.
Uncensored exploration of issues concerning current events, civil liberties, American political advocacy, and the political and social issues facing military veterans.
NFL junkie Eric Golub reports on his favorite obsession. There is no football offseason. Every February he pretends to care about other sports while sobbing uncontrollably each Sunday until September.
Top 10 handguns in the U.S.
Extraordinary day at Redskins Park
White House pets gone wild!
Let it snow