US ACCUSED OTHERS FOR OWN OVERSPENDING
The United States military budget for 2007, the budget was raised to a total of US$ 532.8 Billion.
A U.S. trade deficit with China is only $232.5 billion last year.
US government is trying to misguide their voters but also tax more from their pocket.
Showing posts with label US-China talks nonsense. Show all posts
Showing posts with label US-China talks nonsense. Show all posts
Thursday, 24 May 2007
No China-U.S. currency deal
No China-U.S. currency deal
The most contentious issue goes unresolved during the final day of trade talks. Progress is reported in other areas.
WASHINGTON — The United States and China concluded high-level trade talks Wednesday with progress reported in a few areas but no breakthrough in the biggest dispute, China's currency.
Treasury Secretary Henry M. Paulson Jr. and Chinese Vice Premier Wu Yi sounded positive notes on the importance of the new high-level discussions.
But the scant signs of success left China's critics vowing to push ahead with legislation seeking to punish China for what are seen as unfair trading practices that have driven U.S. trade deficits to record levels and cost thousands of American manufacturing jobs.
Hoping to head off punitive legislation, Wu and other members of her team — the largest high-level Chinese delegation ever to visit the U.S. — met behind closed doors with congressional leaders after the talks with members of President Bush's Cabinet had concluded.
Wu, speaking through an interpreter, said her discussions with House Speaker Nancy Pelosi (D-San Francisco), Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) and other House leaders Wednesday were "very good," but she provided no details.
Rangel said the Chinese told the lawmakers that they needed more time to implement reforms such as overhauling their currency system. He said his committee planned to move forward with legislation. Some of the bills being considered would impose stiff penalties on Chinese imports for what critics say are unfair trade practices.
Paulson headed a U.S. team that included 18 Cabinet members and other top economic officials, Federal Reserve Chairman Ben S. Bernanke among them. Wu's team included 17 top Chinese government officials.
They were participating in the second round of Strategic Economic Dialogue talks after an initial session that was held in December in Beijing. The talks will take place twice a year and are designed to address economic tensions between the countries in light of a U.S. trade deficit with China that hit an all-time high of $232.5 billion last year.
Agriculture Secretary Mike Johanns said the U.S. raised the issue of food safety, which has been highlighted by such incidents as the deaths of pets that had eaten pet food made with tainted wheat gluten imported from China, and more meetings were planned.
The two countries agreed to more than double the number of daily passenger flights between the nations by 2012, going from 10 to 23.
Cargo flights were also increased. However, the gains fell short of the openings the administration had hoped to achieve.
In the area of financial services, China agreed to a slight expansion in business opportunities for U.S. financial service companies but not the lifting of the caps on foreign ownership of banks, securities firms and insurance companies that U.S. firms had sought.
This was a setback for Paulson, former head of investment giant Goldman Sachs Group Inc., who personally lobbied Wu on this issue during a dinner at his home Monday night.
"For years, we have heard vague assurances of greater market access for American financial institutions, but they rarely seem to become reality from China," said a disappointed Sen. Charles E. Schumer (D-N.Y.).
There was also agreement for closer cooperation in the area of increasing use of environmental technology but no announcement that China would cut its tariffs to increase sales of U.S. energy and environmental products in China. Such an announcement had been expected.
China also rejected U.S. requests that it accelerate the revaluing of its currency, the yuan, which American manufacturers contend is undervalued by as much as 40%, making Chinese products cheaper for Americans and American goods more expensive in China.
http://www.latimes.com/business/la-fi-chitrade24may24,1,5217632.story?coll=la-headlines-business&ctrack=1&cset=true
Treasury Secretary Henry M. Paulson Jr. and Chinese Vice Premier Wu Yi sounded positive notes on the importance of the new high-level discussions.
But the scant signs of success left China's critics vowing to push ahead with legislation seeking to punish China for what are seen as unfair trading practices that have driven U.S. trade deficits to record levels and cost thousands of American manufacturing jobs.
Hoping to head off punitive legislation, Wu and other members of her team — the largest high-level Chinese delegation ever to visit the U.S. — met behind closed doors with congressional leaders after the talks with members of President Bush's Cabinet had concluded.
Wu, speaking through an interpreter, said her discussions with House Speaker Nancy Pelosi (D-San Francisco), Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) and other House leaders Wednesday were "very good," but she provided no details.
Rangel said the Chinese told the lawmakers that they needed more time to implement reforms such as overhauling their currency system. He said his committee planned to move forward with legislation. Some of the bills being considered would impose stiff penalties on Chinese imports for what critics say are unfair trade practices.
Paulson headed a U.S. team that included 18 Cabinet members and other top economic officials, Federal Reserve Chairman Ben S. Bernanke among them. Wu's team included 17 top Chinese government officials.
They were participating in the second round of Strategic Economic Dialogue talks after an initial session that was held in December in Beijing. The talks will take place twice a year and are designed to address economic tensions between the countries in light of a U.S. trade deficit with China that hit an all-time high of $232.5 billion last year.
Agriculture Secretary Mike Johanns said the U.S. raised the issue of food safety, which has been highlighted by such incidents as the deaths of pets that had eaten pet food made with tainted wheat gluten imported from China, and more meetings were planned.
The two countries agreed to more than double the number of daily passenger flights between the nations by 2012, going from 10 to 23.
Cargo flights were also increased. However, the gains fell short of the openings the administration had hoped to achieve.
In the area of financial services, China agreed to a slight expansion in business opportunities for U.S. financial service companies but not the lifting of the caps on foreign ownership of banks, securities firms and insurance companies that U.S. firms had sought.
This was a setback for Paulson, former head of investment giant Goldman Sachs Group Inc., who personally lobbied Wu on this issue during a dinner at his home Monday night.
"For years, we have heard vague assurances of greater market access for American financial institutions, but they rarely seem to become reality from China," said a disappointed Sen. Charles E. Schumer (D-N.Y.).
There was also agreement for closer cooperation in the area of increasing use of environmental technology but no announcement that China would cut its tariffs to increase sales of U.S. energy and environmental products in China. Such an announcement had been expected.
China also rejected U.S. requests that it accelerate the revaluing of its currency, the yuan, which American manufacturers contend is undervalued by as much as 40%, making Chinese products cheaper for Americans and American goods more expensive in China.
http://www.latimes.com/business/la-fi-chitrade24may24,1,5217632.story?coll=la-headlines-business&ctrack=1&cset=true
Wednesday, 23 May 2007
Some progress at US-China talks? NONSENCE
Some progress at US-China talks
China and the US made some progress at the two-day meeting
|
Among the deals agreed were an increase in flights to China and easing US entry into Chinese financial markets.
US Treasury Secretary Henry Paulson welcomed "tangible results" achieved at the two-day meeting in Washington.
But Chinese Vice Premier Wu Yi added the talks were a success, but warned "complicated" relations between the two needed careful handling.
A key issue at the Washington meeting was the value of the yuan.
Currency concerns
US firms have accused China of keeping the yuan low to boost exports, thus threatening American jobs.
While the two sides failed to make progress on the issue, Mr Paulson told reporters he had pressed Beijing for greater flexibility for the currency.
"This is an important area and they agree with us in principle ... the pace of change is picked up but I believe it would be very much in their best interests and the rest of the world's best interests for them to move more quickly," he added.
Mr Paulson pointed to China's recent decision to allow the yuan to appreciate each day from 0.3% to 0.5% as an "important signal" that change may be in store.
The comments came with US lawmakers currently considering bringing in legislation to impose tariffs on US exports unless the country allows the yuan to appreciate.
There is increasing anxiety in the US over the growing trade deficit with China, which last year surged to a record $233bn (£118bn).
Critics claim the price of the yuan is kept artificially low, giving China's industry an unfair competitive advantage, and some US Congressmen say it should be revalued by up to 40%.
Further agreements
Among the deals agreed by the two sides during the talks, the most significant was one that requires China to ease limits on foreign investment in the country.
The move should remove a bar on new foreign securities firms in China and allow foreign securities firms to expand their operations there.
Meanwhile a further deal on the aviation sector should lead to a doubling in passenger flights between the two countries while cargo firms should have almost unlimited access to China.
Other minor accords reached involved co-operation on the development of clean energy and food safety.
http://news.bbc.co.uk/1/hi/business/6685967.stm
US is talking nonsence, all they want is more flights into china and let their capital moghul corporation to get into china hot stock market, and then accuse a country which has much more poor farmers than US whole population to increase the value of their currency. Can US do something has more meaning than this? Accusing chinese goods for endanger american jobs is totally another nonsence where US is the one who push globalisation progress than any other else country. They want to push other people for open their market, but they also dont want other country for entering, nonsence. Only one reason can explain this, IT IS ONLY FOR US BEST INTEREST.
Subscribe to:
Posts (Atom)