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.
Better yet, what if we end up in a conflict with China and they freeze all American capital in their country, move all reserves to the Euro.
The pinch would be felt on both sides to be sure, but I think it could send our economy in a tailspin.
One day America wakes up & there is no middle class.
Thank you
Yes, Mr. Hunter’s service in Vietnam is in some ways equal to Mr. McCain’s and better than anyone else’s.
This man must be President.
“Yes, Mr. Hunters service in Vietnam is in some ways equal to Mr. McCains and better than anyone elses.”
And you might be interested in this from the first debate:
“REP. HUNTER: Chris, thanks very much. John’s not the only guy with a defense background. I’ve been chairman of the Armed Services Committee for the last four years. I’ve helped to rebuild national defense. We have worked hard to make sure that our people have enough pay, that they’ve got the ammunition, that they’ve got the equipment, while at the same time looking over the horizon to look at the new threat of an emerging China and an Iran that is pursuing nuclear weapons and a Korea that already has some and is moving to get the means for delivery. So a strong national defense, the trademark of Ronald Reagan, is what I would pursue.
....
http://www.iht.com/bin/print.php?id=5562636
Just in case you don't recognize satire, think before you yell at me.
I wasn’t.
Why was everyone pinging my question about the money?
Q: As President, is there anything you could do about this acquiescence to cheating?
Hunter: Right now, China rebates their taxes to their manufacturers. They give a 17-percent subsidy to their products and a 17-percent penalty to our products. Before you even compare labor, component prices and commodity prices, they have a 34-percent advantage before the game even starts. Then they devalue their currency by 40 percent to make sure the American manufacturer doesn’t win. That is cheating. We need to have a government that says that is cheating. [Fed Chairman Ben] Bernanke had that in so many words written in his speech that he was going to give in China [in December], but it was changed before he gave it to the Chinese leadership. That is not acceptable.
The only presidential candidate who is coming out strong about the China threat is Duncan Hunter. The other candidates don’t seem to know what’s going on.
Some people just click “Post Reply” to talk. This is if they don’t specifically reply to you.
No,thanks for asking.
We’re making China rich so they can buy weapons to take over other countries, and then more people will lose their freedom, in addition to their own citizens, like Taiwan.
The goal of communism is world domination.
From what I've read so far, we have four candidates with legitimate military experience. As we all know, John McCain was a fighter pilot who was shot down over North Vietnam and tortured for several years. Duncan Hunter left college to volunteer for the armed services and became a U.S. Army Ranger. He served in Vietnam doing "nothing special" as he describes it. I suspect that his "nothing special" still involved more than most of us would ever hope to see. Jim Gilmore volunteered for the Army during that time period as well. I believe that he had already graduated from college. He ended up in Army Intelligence and served in Germany. Ron Paul was a flight surgeon for the Air Force. I seem to remember reading that he served in Vietnam as well.
Bill
Well said!
I don’t quite understand the criticism towards high trade deficits with China. Its a good thing that this continues. Are you guys capitalists or not? I guess you guys are more nationalists than you guys are capitalists, and are more willling to embrass socialists policies if it advances the nation in your mind
Thanks for the info, Bill. I didn’t know much of that.
Also, I like the way Hunter is taking care of us:
John Hawkins: Missile defense shield.
Duncan Hunter: Yes, and I’ve been a strong supporter of that. I’ve put in the initial money for missile defense when it first started, I supported it strongly then, and I supported missile defense for Israel, very strongly. Incidentally, under my watch, we’ve actually deployed missile defense. We have our first missiles that are now deployed in Alaska and the west coast which had limited capability to intercept incoming ballistic missiles.
http://www.rightnation.us/forums/index.php?showtopic=114155
China is using the mega BILLION trade imbalance to build it’s military.
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