News / USA

    Clinton: China 'Gaming' World Trading System

    U.S. Secretary of State Hillary Clinton speaks to The Economic Club of New York, October 14, 2011.
    U.S. Secretary of State Hillary Clinton speaks to The Economic Club of New York, October 14, 2011.

    Secretary of State Hillary Clinton, in an economic speech Friday, called for a level playing field in world trade while lamenting what she said were efforts by China to "game" the global trading system to its advantage. She appealed for an end to partisan paralysis in Washington over economic policy.

    In her speech to the New York Economic Club, Clinton said advancement of trade and investment should be a bigger part of U.S. diplomacy. But the address, and a subsequent question-and-answer session, included some of the sharpest Obama administration criticism to date over Chinese trade policy.

    The secretary said China, by deliberately holding down the value of its currency to boost exports, has piled up the largest trading surplus in world history to the detriment not only of the United States but other major economies.

    "It is not only distorting the market, it is not only making our exports more expensive, it is now beginning to impact on other countries as well. So it is not the United States alone saying: China needs to rebalance this artificial policy of depreciation which is good for their exporters, which disadvantages their own people in many ways,” she said.

    Clinton spoke sympathetically of legislation approved by the Senate earlier this week threatening higher tariffs against China if the currency imbalance continues.

    The secretary downplayed fears by some opponents of the measure, the fate of which is uncertain in the House of Representatives, that it would trigger a trade war.

    “I don’t think there’s anything wrong with standing up and asserting ourselves. And I don’t see that leading into the kind of protectionism that you rightly warn about from the 1930s," she said. "The Obama administration has said about the Schumer bill in the Senate that anything we would do needs to be consistent with our international obligations including WTO obligations. But we also don’t want to be taken advantage of.”

    Clinton said she has been confronted on recent foreign trips with concern by allies about the impasse on deficit-cutting efforts in Washington that caused a near-default on bond debt by the U.S. government two months ago.

    “I think we are at a standstill in that debate here at home and I deeply regret that, because I don’t think we have the time to be so caught up in our own political arguments,” she said.

    The secretary said the U.S. political parties and business community need to rebuild a “team-America spirit” and cannot afford, in her words, to “remain paralyzed by ideology and partisanship.”

    You May Like

    Taj Mahal Battles New Threat from Insects

    Swarms of insects are proliferating in the heavily contaminated waters of the Yamuna River, which flows behind the 17th century monument

    Self-doubt, Cultural Barriers Hinder Cambodian Women in Tech

    Longtime Cambodian tech observer Sok Sikieng says that although more women have joined profession in recent years, there remain significant factors hindering women from reaching tech potential

    Trans-Adriatic Pipeline to Boost European Energy Security

    $4.5 billion-pipeline will become operational in 2020 and will deliver gas from Azerbaijan’s Shah Deniz II field to southern Italy

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Vietnamese-American Youth Optimistic About Obama's Visit to Vietnami
    X
    Elizabeth Lee
    May 22, 2016 6:04 AM
    U.S. President Barack Obama's visit to Vietnam later this month comes at a time when Vietnam is seeking stronger ties with the United States. Many Vietnamese Americans, especially the younger generation, are optimistic Obama’s trip will help further reconciliation between the two former foes. Elizabeth Lee has more from the community called "Little Saigon" located south of Los Angeles.
    Video

    Video Vietnamese-American Youth Optimistic About Obama's Visit to Vietnam

    U.S. President Barack Obama's visit to Vietnam later this month comes at a time when Vietnam is seeking stronger ties with the United States. Many Vietnamese Americans, especially the younger generation, are optimistic Obama’s trip will help further reconciliation between the two former foes. Elizabeth Lee has more from the community called "Little Saigon" located south of Los Angeles.
    Video

    Video First-generation, Afghan-American Student Sets Sights on Basketball Glory

    Their parents are immigrants to the United States. They are kids who live between two worlds -- their parents' homeland and the U.S. For many of them, they feel most "American" at school. It can be tricky balancing both worlds. In this report, produced by Beth Mendelson, Arash Arabasadi tells us about one Afghan-American student who seems to be coping -- one shot at a time.
    Video

    Video Newest US Citizens, Writing the Next Great Chapter

    While universities across the United States honor their newest graduates this Friday, many immigrants in downtown Manhattan are celebrating, too. One hundred of them, representing 31 countries across four continents, graduated as U.S. citizens, joining the ranks of 680,000 others every year in New York and cities around the country.
    Video

    Video Vietnam Sees Strong Economic Growth Despite Incomplete Reforms

    Vietnam has transformed its communist economy to become one of the world's fastest-growing nations. While the reforms are incomplete, multinational corporations see a profitable future in Vietnam and have made major investments -- as VOA's Jim Randle reports.
    Video

    Video Qatar Denies World Cup Corruption

    The head of Qatar’s organizing committee for the 2022 World Cup insists his country's bid to host the soccer tournament was completely clean, despite the corruption scandals that have rocked the sport’s governing body, FIFA. Hassan Al-Thawadi also said new laws would offer protection to migrants working on World Cup construction projects. VOA's Henry Ridgwell reports.
    Video

    Video Infrastructure Funding Puts Cambodia on Front Line of International Politics

    When leaders of the world’s seven most developed economies meet in Japan next week, demands for infrastructure investment world wide will be high on the agenda. Japanese Prime Minister Shinzo Abe’s push for “quality infrastructure investment” throughout Asia has been widely viewed as a counter to the rise of Chinese investment flooding into region.
    Video

    Video Democrats Fear Party Unity a Casualty in Clinton-Sanders Battle

    Democratic presidential front-runner Hillary Clinton claimed a narrow victory in Tuesday's Kentucky primary even as rival Bernie Sanders won in Oregon. Tensions between the two campaigns are rising, prompting fears that the party will have a difficult time unifying to face the presumptive Republican nominee, Donald Trump. VOA national correspondent Jim Malone has more from Washington.
    Video

    Video Portrait of a Transgender Marriage: Husband and Wife Navigate New Roles

    As controversy continues in North Carolina over the use of public bathrooms by transgender individuals, personal struggles with gender identity that were once secret are now coming to light. VOA’s Tina Trinh explored the ramifications for one couple as part of trans.formation, a series of stories on transgender issues.
    Video

    Video Amerikan Hero Flips Stereotype of Middle Eastern Character

    An Iranian American comedian is hoping to connect with American audiences through a film that inverts some of Hollywood's stereotypes about Middle Eastern characters. Sama Dizayee reports.
    Video

    Video Budding Young Inventors Tackle City's Problems with 3-D Printing

    Every city has problems, and local officials and politicians are often frustrated by their inability to solve them. But surprising solutions can come from unexpected places. Students in Baltimore. Maryland, took up the challenge to solve problems they identified in their city, and came up with projects and products to make a difference. VOA's June Soh has more on a digital fabrication competition primarily focused on 3-D design and printing. Carol Pearson narrates.

    Special Report

    Adrift The Invisible African Diaspora