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

UN: 1 Million Somalis at Risk of Hunger

Group warns region is in dire need of humanitarian aid, with at least 200,000 children under age of five acutely malnourished as drought hits southern, central part of nation More

Human Rights Groups Allege Supression of Freedoms in Thailand

Thailand’s military, police have suppressed release of independent report assessing human rights in kingdom during first 100 days of latest coup More

Jennifer Lawrence Contacts FBI After Nude Photos Hacked

'Silver Linings Playbook' actress' photos were posted on image-sharing forum 4chan; Federal Bureau of Investigations is looking into matter More

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.
Ukraine Schools Resume Classes, Donate to Government Forcesi
X
September 02, 2014 12:58 PM
A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Internet, Technology Offer New Tools for Journalists

The Internet and rapidly evolving technology is quickly changing how people receive news and how journalists deliver it. There are now more ways to tell a story than ever before. One school in Los Angeles is teaching the next generation of journalists with the help of a state-of-the-art newsroom. Elizabeth Lee has this report.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.
Video

Video Cost to Raise Child in US Continues to Rise

The cost of raising a child in the United States continues to rise. In its latest annual report, the U.S. Department of Agriculture says middle income families with a child born in 2013 can expect to spend more than $240,000 before that child turns 18. And sending that child to college more than doubles that amount. VOA’s Deborah Block visited with a couple with one child in Alexandria, Virginia, to learn if the report reflects their lifestyle.
Video

Video Chaotic Afghan Vote Recount Threatens Nation’s Future

Afghanistan’s troubled presidential election continues to be rocked by turmoil as an audit of the ballots drags on. The U.N. says the recount will not be completed before September 10. Observers say repeated disputes and delays are threatening the orderly transfer of power and could have dangerous consequences. VOA correspondent Meredith Buel reports.

AppleAndroid