06 October 2011 16:10 [Source: ICIS news]
By Joe Kamalick
The sudden wave of anti-Beijing policy and legislative sabre-rattling may in part reflect growing unease among the
For the first time in recent polling data, a large majority of Americans see
The threat is seen primarily as economic, not military, according to Rasmussen.
“Seventy percent think
In addition, a growing number of Americans now see
“Twenty-seven percent view the communist nation as an enemy, up from 16% in April and the most negative assessment in three years of surveying on this question,” said Rasmussen. “Only 9% of Americans now consider
Sponsored by Democrat Senator Sherrod Brown of
In addition to the annual review and report by Treasury, the bill would allow US companies to bring a formal complaint before the Department of Commerce (DOC) and the US International Trade Commission (ITC) to allege currency manipulation by a foreign country.
If the agencies’ investigation confirmed the company’s allegations, the Commerce Department could impose countervailing duties against selected imports from the offending nation.
Members of Congress and many among
An undervalued currency also benefits the manipulating country by making imports more expensive, consequently giving domestic producers another advantage over foreign competitors.
“How much longer is Congress willing to stand by and watch thousands of jobs move to
“We know that two million jobs hang in the balance when it comes to currency manipulation,” he said, adding: “It’s time to put American jobs and American workers first."
Senator Lindsey Graham of
Another co-sponsor, Senator Charles Schumer (Democrat-
“There will be a bipartisan push to send this bill to the president’s desk this year,” Schumer added.
The White House also appears to be increasing its focus on
At a hearing this week at the office of the US Trade Representative (USTR), multiple business and government witnesses complained about what they said was
At the USTR hearing, Claire Reade, assistant
“Issues of particular concern arose in a range of areas,” Reade said, “including intellectual property rights, industrial policies, trading rights and distribution services, agriculture, services and transparency.”
“Often, we traced these problems to
Citing the many complaints submitted to the USTR in the last year, Reade said that “This year’s written submissions underscore that concerns remain about
While the USTR hearing was largely diplomatic and polite, those niceties were noticeably absent when House Intelligence Committee chairman Mike Rogers (Republican-Michigan) opened a hearing this week on cyber threats facing the
While conceding that governments worldwide for centuries have been conducting espionage to gain an understanding of each other’s plans, intentions and capabilities, Rogers said China is different.
“I don’t believe that there is a precedent in history for such a massive and sustained intelligence effort by a government to blatantly steal commercial data and intellectual property,” he said.
Rogers’ spokeswoman said the congressman would not put forward specific legislation designed to confront China on its espionage but instead would marshal allies in Congress to press the White House to move against Beijing’s “intolerable” behaviour.
The hostile anti-China poll results, new anti-Beijing mood and legislation in Congress and the USTR’s new focus on
If, as expected, the
($1 = €0.75)
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