Posted on 06/09/2007 5:23:09 PM PDT by Ultra Sonic 007
According to figures released by the U.S. government this morning, the U.S. trade deficit with China grew to $19.4 billion for the month of April 2007.
For the year, the U.S. trade deficit with China is up 11.9 percent. At this pace, the U.S. trade deficit with China will climb from last year's record of $232 billion in 2006 to a projected new record of $260 billion in 2007.
"The U.S. trade deficit with China is out of control. It is a key reason why the United States has lost more than three million manufacturing jobs since 2001," said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
"The years of Bush Administration talks with China have produced negligible results. Congress now must forcefully act," Tantillo continued.
To address the China problem, two actions Congress immediately should take are passing: H.R. 2600, the Border Tax Equity Act sponsored by Congressmen Bill Pascrell, Duncan Hunter, Mike Michaud, and Walter Jones.
This legislation would negate the nearly $400 disadvantage to U.S. goods producers and service providers caused by foreign border-adjusted taxes.
Conservatively, U.S. goods producers alone were disadvantaged by an estimated $46 billion because of China's VAT rebates on exports and VAT impositions on imports in 2006.
H.R. 782, the Fair Currency Act of 2007, sponsored by Congressmen Tim Ryan and Duncan Hunter in the House and its companion, S. 796, sponsored by Senators Jim Bunning and Debbie Stabenow.
This legislation would make fundamental currency misalignment an actionable subsidy under U.S. countervailing duty law. The legislation also would codify the application of U.S. CVD law to non-market economies such as China.
Experts estimate that China's currency is undervalued by as much as 15 to 40 percent.
I love it. There are so many Socialists existing so much and getting brainwashed by Lou Dobbs that we need to “fix” the middle class. If Congressman Duncan Hunter of California would just introduce bills to repeal laws and to de-regulate, businesses would come back to the USA. Congressman Hunter is so ignorant. I lose respect for him when he talks about trade. You all need to read Basic Economics by Thomas Sowell. I swear you guys scare me, conservatives losing their way.
Duncan a Ranger?
And P.S. Did you get my mail?
If Congressman Duncan Hunter of California would just introduce bills to repeal laws and to de-regulate, businesses would come back to the USA.
Does being a supporter of the fair tax count?
Ping to post #45.
Reading...
X 2 ,,,Yep,,,lookin’...;0)
I've just lost all respect for you. You call names like "socialist" and "ignorant." You whine about Lou Dobbs. You cite a book but say nothing to suggest that you've even read the book. I agree that we need to reduce regulation on businesses here in the United States, but for every "expert" claiming that deregulation is all that we need, there are other "experts" claiming that deregulation alone won't change the situation enough to keep our companies competitive.
I've recently heard of several cases where goods made in China and then marketed elsewhere as if they had come from American manufacturers failed in service. In some cases, these failures have resulted in accidents and injuries. Maintaining good quality standards and being able to document that those standards have been maintained is expensive. However, for those who are alive today because a critical piece of equipment that failed in another plant wasn't in their plant, that quality assurance is important.
Another point is that every major war of the past 150 to 160 years has been won by the country with the stronger manufacturing base. If China subsidizes its industries to the point that it drives American manufacturers out of business, China will have a major strategic advantage. If they ever press that advantage, America will suffer. All of the wonderful things that the "free market" has given you won't matter much when the Chinese can point a gun at you and force you to give up your bank account and possessions. Just as you may be frightened by the idea of conservatives not understanding economics, I'm more frightened by the idea of so-called conservatives failing to understand history.
Bill
“* The issuance of rebates equal to the amount of taxes paid by American exporters on goods taxed by importing nations.”
Where does the money come from to issue the rebates?
He served as a US Army Ranger in Vietnam.
Robert Mundell and the Yuan Riddle By HUGO RESTALL June 9, 2007; Page A9
Instead, Mr. Mundell says that China is still far behind the U.S. in economic strength and stability. "I think the dollar era is going to last a long time . . . perhaps another hundred years."
His answer is a fitting end to an evening in which the conventional wisdom has been set on its ear. The high U.S. trade deficit, widely supposed to be unsustainable, is not only sustainable, Mr. Mundell says, it is necessary to the functioning of the global economy.
That’s great!
Yep, hit you back too.
Lookin’...;0)
This is the end. The sky is about to fall. We’re friggin’ doomed. Start learning to speak Chinese.
More money for China to build it’s military to threaten us and use against us some day.
Thanks for your pings...it’s SO refreshing to know what the good guys are up to ;-)
Duncan Hunter, 1/25/07
“I thought that Republicans didn’t appease communists, and that’s what we did,” he said.
“Today starts the time for choosing for every American manufacturer and laborer. You can either choose to give into China’s cheating or you can choose to join me to enforce fair trade.”
http://www.signonsandiego.com/news/politics/20070126-9999-1n26hunter.html
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