UPDATE 1-Romney sharpens attack on China’s economic policies
* To address Microsoft employees laterSEATTLE, Oct 13 (Reuters) - Republican U.S. presidential
candidate Mitt Romney on Thursday threatened trade sanctions
against China if the world’s No. 2 economy does not halt what
he said was currency manipulation, unfair subsidies and rampant
intellectual property theft.”As president, I will present China with a clear choice,”
said Romney in an advance copy of a speech to be delivered
later on Thursday near Seattle. “Either abide by your
commitments, open your markets, and respect our property, or
else the days of open access to our markets, our ideas, and our
companies, are over.”Romney, who is to address Microsoft Corp employees
at its Redmond, Washington, headquarters, said the United
States should impose duties and tariffs on Chinese goods, and
block the transfer of some technology, if Beijing continues
these practices.The world’s largest software maker is especially interested
in intellectual property issues, having lost billions of
dollars in Chinese sales over the years due to piracy.Romney outlined a similar tough stance on China last month,
as he sought to stake out differences with President Barack
Obama and tap into the U.S. public’s rising concern over
China’s economic and military growth.The former Massachusetts governor is a leader among
Republicans seeking the nomination to run against Obama in
2012. But fewer than one in four of the party’s voters back him
as a surging Herman Cain gains ground, according to a
released on Wednesday.Romney believes the Obama administration has been weak on
advancing overseas agreements that might boost free trade,
although Wednesday’s vote by Congress to approve long-delayed
trade pacts with South Korea, Colombia and Panama may take the
edge off such criticism.On the currency issue, the U.S. Senate approved a
controversial bill aimed at forcing China to raise the value of
the yuan earlier this week, in an effort to save American jobs,
but its fate in the House of Representatives is uncertain.
China denounced the vote as a protectionist step.Earlier on Thursday, Romney named three of former President
George W. Bush’s advisers to his campaign’s trade team,
including Carlos Gutierrez, who was Bush’s Secretary of
Commerce from 2005 to 2009.
UPDATE 1-Romney sharpens attack on China’s economic policies
* To address Microsoft employees laterSEATTLE, Oct 13 (Reuters) - Republican U.S. presidential
candidate Mitt Romney on Thursday threatened trade sanctions
against China if the world’s No. 2 economy does not halt what
he said was currency manipulation, unfair subsidies and rampant
intellectual property theft.”As president, I will present China with a clear choice,”
said Romney in an advance copy of a speech to be delivered
later on Thursday near Seattle. “Either abide by your
commitments, open your markets, and respect our property, or
else the days of open access to our markets, our ideas, and our
companies, are over.”Romney, who is to address Microsoft Corp employees
at its Redmond, Washington, headquarters, said the United
States should impose duties and tariffs on Chinese goods, and
block the transfer of some technology, if Beijing continues
these practices.The world’s largest software maker is especially interested
in intellectual property issues, having lost billions of
dollars in Chinese sales over the years due to piracy.Romney outlined a similar tough stance on China last month,
as he sought to stake out differences with President Barack
Obama and tap into the U.S. public’s rising concern over
China’s economic and military growth.The former Massachusetts governor is a leader among
Republicans seeking the nomination to run against Obama in
2012. But fewer than one in four of the party’s voters back him
as a surging Herman Cain gains ground, according to a
released on Wednesday.Romney believes the Obama administration has been weak on
advancing overseas agreements that might boost free trade,
although Wednesday’s vote by Congress to approve long-delayed
trade pacts with South Korea, Colombia and Panama may take the
edge off such criticism.On the currency issue, the U.S. Senate approved a
controversial bill aimed at forcing China to raise the value of
the yuan earlier this week, in an effort to save American jobs,
but its fate in the House of Representatives is uncertain.
China denounced the vote as a protectionist step.Earlier on Thursday, Romney named three of former President
George W. Bush’s advisers to his campaign’s trade team,
including Carlos Gutierrez, who was Bush’s Secretary of
Commerce from 2005 to 2009.
WRAPUP 1-US Senate approves China yuan bill, House fate unclear
* Republican Rep. Cantor wants Obama to state viewBy Paul EckertWASHINGTON, Oct 11 (Reuters) - The U.S. Senate on Tuesday
approved a bill aimed at pushing China to let its yuan currency
rise in value in the hope of saving American jobs, sending it
to the House of Representatives where its fate is uncertain.The legislation, which Beijing has warned could spark a
trade war, would allow the U.S. government to slap
countervailing duties on products from countries found to be
subsidizing their exports by undervaluing their currencies.Some U.S. lawmakers contend the yuan is undervalued by as
much as 40 percent, giving Chinese producers an unfair
advantage in international markets and costing U.S. jobs.The Senate’s vote puts the bill in the hands of the
Republican-controlled House, which may never vote on the bill
despite rank-and-file support.House Speaker John Boehner last week said it would be
“dangerous” for Congress to get involved with a foreign
country’s exchange rate.Another top Republican, House Majority Leader Eric Cantor,
said President Barack Obama should clarify his position on the
bill, which has drawn warnings from Beijing.”What I would like to see is where the administration is.
Clearly they’ve got concerns as well,” Cantor, the No. 2 House
Republican, told reporters.Secretary of State Hillary Clinton said the fate of the
bill was unclear but its message expressed the country’s mood.”I don’t know whether this bill in the form that its
passing the Senate will ever end up as a piece of legislation
coming from the Congress,” Clinton told Reuters in an
interview. “But it does reflect a great deal of frustration on
the part of the American people.”
