“Mitt Romney says the U.S. must be willing to say ‘no more’ to its rocky trade relationship with China. If elected president, he vows to brand China a currency manipulator on his first day in office,” Sanford Reback and Caitlin Webber report for Bloomberg. “He also says he’ll place extra tariffs on Chinese imports to correct an undervaluation of the Chinese currency, the yuan, which helps make Chinese goods cheaper than U.S. goods.”
“That stance puts Romney at odds with President Barack Obama, who’s resisted formally rebuking China for its currency practices,” Reback and Webber report. “The problem is that getting tough with China also puts Romney in conflict with a bastion of Republican Party support, the U.S. business community. Many of the largest U.S. companies favor a less confrontational approach. They’re too concerned about being locked out of the Chinese market to risk taking a bold, public stance against objectionable Chinese practices. Romney’s jobs plan calls for the U.S. to ‘put on the table all unilateral actions’ for tackling unfair Chinese trade practices. He says success in a negotiation can come ‘only if you are willing to walk away.’ Rather than walk away, these U.S. producers of goods and services are focused on capturing as much of the large and growing Chinese market as they can.”
Reback and Webber report, “A weak yuan is only one of a myriad of Chinese trade and industrial policies that hurt U.S. companies. The U.S. trade deficit with China in goods totaled $295 billion last year, the largest deficit the U.S. has ever had with any country. Discriminatory regulations, favoritism of state-owned companies, and the forced transfer of U.S. technology to Chinese joint- venture partners may be more pernicious. Improved intellectual property protection in China would have increased U.S. companies’ sales by $107 billion in 2009, and U.S. employment by 2.1 million jobs, according to the U.S. International Trade Commission… U.S. companies such as Apple Inc. (AAPL) and Wynn Resorts Ltd. make a substantial share of their sales in China. Yum! Brands Inc. operates more than 3,900 KFC and 690 Pizza Hut restaurants there. General Motors Co. (GM), including through its joint ventures, sold more cars in China last year than it did in the U.S. As impressive as those numbers are, it’s the enormous potential of the Chinese domestic market that U.S. companies find irresistible. During the past 30 years, China lifted most of its 1.3 billion people out of poverty, increasing average annual incomes almost 20 times.”
“Romney has left himself some room to maneuver, even on the currency issue, an indication he appreciates the difference between running for the White House and governing,” Reback and Webber report. “In a Wall Street Journal op-ed on Feb. 16, he said ‘a trade war with China is the last thing I want,’ and that he would designate Beijing a currency manipulator ‘unless China changes its ways.’ Should he win the presidency, Romney may find it necessary to take advantage of that flexibility to keep U.S. business on board.”
Much more in the full article here.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]
Apple share of China smartphone market nearly halved in Q212 – August 24, 2012
Apple’s iPad surges to grab over 72 percent of China’s tablet market – August 9, 2012
TIME Magazine cover story: ‘The Cult of Apple in China’ – June 21, 2012
70% of iPhone production now comes from Foxconn’s Zhengzhou, China plant – May 25, 2012
Apple growth hinges on China, new devices – April 26, 2012
This article appeared on MDN because it is about Apple. No, really, it is, if you carefully read through it, you’ll notice that in one sentence it says “… US companies, such as Apple and Wynn Resorts make substantial sales in China…”.
So, you see, it is all about Apple here at MDN, and only about Apple…
China is integral to Apple’s success. Not only do they do the bulk of product assembly there, they also do billions of dollars in sales there each quarter.
If you think this article isn’t germane to Apple based on the number of times “Apple” is mentioned, you must be an Obama voter.
I am not an American, and therefore don’t have a horse in your election race.
I am annoyed by an article that has nothing to do with Apple. As integral as China may be to Apple’s success, an article about presidential candidate’s position with respect to China is NOT even remotely related to the general subject MDN readers come here to read about. Entire Investor Business Daily (or Wall Street Journal) is in one way or another relevant to Apple’s success, but that doesn’t mean that we want to read them cover-to-cover.
This article has everything to do with Apple. if you can’t grasp that, I suggest you skip it and move on to the next article instead of making a fool of yourself.
You’re “annoyed.” Nobody cares.
How the next U.S. president deals with China will matter greatly to Apple Inc.
It actually has nothing to do with Apple as Willard RawMoney cannot get elected in an honest election, which is exactly why the Rethugnicans are doing everything in their power to suppress the vote at the state level.
Both parties have a hand in this mess and the Republicans have a equal chance against the Democrat party. The reverse can be said as well. I can blame the democrats for cheating as much as any party. If you believe the democrats are honest; well, that tinfoil hat will not help. In fact, that microwave you have been sitting on while wearing that tinfoil has completely fried the two brains cells you had left. This is a republic, or was, and not a country to be ruled by one party or fools that vote one party. Select the person that is best for the job.
Just because one calls out NeoCons/Rethugnicans for being the knuckle-dragging tools of the Koch Brothers, et al that they are does not mean I am a registered Democrat or an Obama supporter.
In a country of 300+ million there are more than two sides to many issues. For all the ranting from the Teabaggers, Obama has largely governed center-right. Prior to the invasion of the terminally paranoid reich-wing, Obama would have fit in as a mainstream Republican.
Vote suppression! How outrageous! How unAmerican!
So, how exactly are they managing to do this at the state level?
Caging lists, requiring photo ID that many elderly cannot easily get or afford, reduced early voting, more restricted absentee voting, unverified voter registration list purges, elimination of extended voting hours during the early voting period. Among other things.
Come on predrag, you’ve been around long enogh to know that MDN has lots of articles of this type, and a lot of posters that follow suit…it is just part of unfair American posting practices, and it gets really bad when there is an election coming up.
Sure the article mentions Apple (as an example), but what it really does is bring up the electorial debate and nourish that polarization field affect…you know how much they like to war.
Fortunately MDN has lots of juicy apple articles, so don’t let some political worming ruin the barrel.
Oh, fsck off already. The US had a chance to “get tough” on China decades ago but they chose crony capitalism over trade deals and fair trade. Now you are stuck with the reality of China’s unparalleled economic power. Good luck convincing anyone the US got a sour deal after decade of bully tactics backed up by carriers groups and military bases on foreign soil.
Funny how Romney decides to get tough only after lining his pockets in outsourcing deals where he laid off American workers to take advantage of unscrupulous Chinese business practices. Flip-flopper.
“I’m mitt romney. Whatever position you have on an issue, you be assured that at some point i’ve agreed with you, and might again next week.”
Geez, I fully understand that this is the republican candidates and republicans have to line up behind their guy, and understand that there are people who hate Obama and will automatically vote for the alternative. But why would anyone else vote for this guy? He’s like the GOP John Kerry and Michael Dukakis rolled into one guy
Why would anyone vote for a fraud like Ohbummer, who is shameless enough to post fake birth certificate on the White House web site.
Their previous looser was fucking an intern in the oval office while destroying the world economy for decades to come.
At President Clinton’s direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.
The threat was codified in a 20-page “Policy Statement on Discrimination in Lending” and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies.
“The agencies will not tolerate lending discrimination in any form,” the document warned financial institutions.
So this is where it all started. In 1994. When the government pressured lenders to qualify the unqualified. To put people into houses they couldn’t afford. Or else.
The stuff you say about banking is generally correct. Bravo!
Don’t forget the role of the Community Reinvestment Act (CRA), it was the public face of the programs you mention.
Next time, you might want to leave out the initial name calling, it cheapens your argument.
Vows, vows, vows. Heard them from Carter, Reagan, Bush, Clinton, Bush, and Obama. They are nothing more than hot air. Regardless of party affiliation, the political climate in this country (U.S.) is a joke at best.
No worry re China. Romney will carry on just like now. His speech was just to get a few more rednecks to vote for him. You will notice even the author of this article points out his “room to maneuver” but the teabaggers will ignore that part and be even more rabit. The next four years are going to be one flip flop after another. Get your magic underwear now.
Rednecks and teabaggers huh? Tolerant must mean something different in the liberal dictionary.
Tolerance has to do with who you are- not what you are.
One cannot help their ethnicity, sex, orientation or race. Teabaggers are willfully ignorant as are rednecks. Having lived a large part of my life in the south (Florida, Georgia, Texas, Tennessee and Arkansas) I have a pretty good grasp of the south.
Oh, OK, AP – I guess that means that name-calling, especially highly offensive names, is part of “tolerance” in the liberal dictionary.
So it’s perfectly OK for me to refer to pro-Obama folks as baby-murdering, pro-sodomy NAMBLAtherers who don’t care how much money they spend or whose rights they violate, so long as it’s someone else’s money and someone else’s rights.
Thanks for that clarification.
Your comment crystalizes the liberal mindset. You always have sweeping, good intentions and take the high road in your arguments when describing yourself, but ironically always come off as self-righteous. You are the champion of the little guy and of treating people as human beings with a call for the other guy to tone down the rhetoric, while at the same time justifying vicious names against your opponents because “he’s wrong.” You label any stance you disagree with as hateful, sexist, racist, homophobic bigotry because your supremely evolved, enlightened mind has achieved the secular humanist peak of moral relativism that humanity has long been striving for, allowing you to condone utterly immoral practices and downright illegal activities. You proclaim you want peace but are anything but peaceful in your words and actions. Liberalism is hypocrisy. They are synonyms. And before you start, Bush and establishment Republicans are not conservatives. Both of you are why the country is in the shape it’s in. Study the founding fathers words to understand why America is different than any country in history, not CNN or Fox. Not Obama or Romney.
Excuse my ignorace, but is it OK for a republican to say “Put ya’ll back in chains” (referring to a particular race specifically) with a slur – and not be slammed by the liberal media and liberals et al? Why are democrats not demonized for doing this? I am ignorant, so tell me!
The liberal media, liberals and most demos are the most devisive group of folks on the planet – demonizing anyone who is NOT like them in their specific philosophy. And they are the ones who started the “We are the ‘inclusive’ party!”
As per APs post, I have lived internationally for years and have never saw so so much ignorance as I see outside of the south amoung those who think themselves wise and open minded! The only thing you have grasped is your own fist!
Nice misrepresentation of Joe Biden’s remarks. His comment was in reference to economic chains that would be on common people if Romney managed to repeal Dodd/Frank and other banking regulations enacted after the Bush Market Meltdown of 2007-2008.
Nice deflection! Liberal media and liberal folks speak like that when they want to, BUT context or not – if a conservative does it – libs call for heads to roll.
You make my point well. If Lib, then context, if conservative, context be damned it was the “act” . . . even though they were the same! Thanks for proving my point!
Your posit is bullshit.
When the NY Gov Spitzer got caught using call girls he resigned his seat. When “Family Values” Republican Sen David Vitter did- nothing happened.
Liberals also rely on obscure exceptions to make a broad point seem legitimate. They never stand toe to toe on the whole topic at hand. They just shoot torpedoes at it, usually focusing on an emotional appeal of another obscure example.
So American companies have their goods made in China because of its inexpensive labor force, then when it comes time to import those goods into the United States our government is concerned that those goods are *too* cheap? Or is it that inexpensive goods made by and for Chinese companies become evil when imported to the United States? Sounds like we love cheap labor when it benefits us, but not when it doesn’t.
And what is the Federal Reserve Bank if not a currency manipulator — one of the most powerful currency manipulators on the planet? Under its guidance, the U.S. Dollar has lost about 99% of its value since the Fed came into being in 1912. The inflating power of the Fed has drastically reduced the value of the U.S. debt held by China and other nations. Of course most U.S. politicians don’t see it that way.
Romney has no issues with destroying American companies, and with them American jobs, and exporting them to China, or any country whose workers are willing to accept slave wages, but I guess he’s not happy with the ramifications and blowback.
Oh, please. Stop with the infantile Obama talking points. Romney has saved and created more American jobs than you’ll ever be able to wrap your tiny head around.
Actually, those wasn’t an Obama talking points, but facts.
Yep, and I want to cut my taxes even more.
Yeah, a Republican talking about controlling “free trade”. Oh, look! I pooped some fairy dust.
Willard “Mitt” RawMoney has made a lot of promises for day one:
1-Repeal ObamaCare (The Affordable Care Act) which could not be done without Congressional approval- including a Super Majority in the Senate.
2-Close the borders with Mexico. This despite Obama’s having tripled the number of border agents during his tenure.
3-Approve the Keystone XL pipeline, which will give a few people a few jobs as the oil product is exported outside the US and promises to pollute the largest freshwater aquifer in the United States (not if- when).
4-Repeal countless “job killing” regulations.
5- Reduce the deficit by INCREASING Defense Spending and cutting tax revenue on the wealthiest citizens and corporate America. Supply Side- the Republican Unicorn.
6-Stand up to China (presumably by his most common maneuver- pandering) on trade.
7-Repeal the Dodd-Frank Financial Reform Bill. Again, like ACA would require approval of both Houses including a super majority in the Senate.
There are still more than 2 months till Election Day, so we can look forward to more empty promises from Mr Etch-A-Sketch. That’s one busy imaginary Presidency.
Well, you Obama supporters certainly know all there is to know about imaginary presidencies. Just ask Barack; you can probably find him out on the golf course.
I’m not an Obamanation supporter. I didn’t vote for him in 2008 and will not this year.
Green Party Nominee Dr Jill Stein
Both the democats and repubnants will say anything to get elected, then its the same old, same old. Mark my words, all you sheep keep drinking the kool aid, and will wonder why they didnt keep any promises made during the election. Because the whole political process is corrupt. EOS.
Yep – John Adams said about the two party system: “There is nothing which I dread so much as a division of the republic into two great parties, each arranged under its leader, and concerting measures in opposition to each other. This, in my humble apprehension, is to be dreaded as the greatest political evil under our Constitution.”
How can Romney attack his pay master general that is china. Cheap trick by Romney
Mitt Romney and Paul Ryan are an embarrassment to the US. The fact thet either of these two with their medieval mentality are serious contenders is a joke. The obstructionsists in congress should be ashamed of themselves for making a mockery of our political system.
Ok, you reply with an unaccredited campaign ad. I have one of those too…
If he does won’t China just foreclose on the U.S.? There must be enoughf debt to China for them to own a good Chunchon of the U.S. if they called in their debt.
That’s what I was thinking too jeff. Also any rue against china by the US will also effect apple as china is the manufacturing factory of its goods
Here’s the thing….We all know the anonymous guy at MDN is a Republican. Not a problem. We all can see he’s loaded up his pages with so many distracting, nuisance ads it’s almost beyond belief but…again..not a problem… we all know he listens to Rush Limbaugh and Sean Hannity and loves what they say…even this isn’t a problem…this is free choice and it’s just fine.
But we all know, or should by now that Mitt Romney…as good a guy as he is…(and he’s most likely a pretty decent guy who made money and acts like it)…he won’t win this election. All the pundits who try to project how he could do it are just obviously trying to gin up the hype. A simple look at the electoral college and how it adds up factored in with the mini bounce out of the convention the Republicans will get..and the bigger bounce the Democrats will get …as gas prices suddenly go lower, and a flurry of announcements in October appear about improving job numbers (not saying they are accurate or truthful…but you watch…they will show up)… and Romney’s unfortunate likability rating…you have another 4 years of Obama. In other words it doesn’t matter much what Romney says about China. He’s not going to win the election…seriously…MDN…put this in your iCal and post it again on Nov. 4…