China Trade Talks Update
Following up on yesterday’s post about the US/China Trade Talks, the Washington Post reports that there has already been some progress:
The Chinese government agreed to eliminate tariffs, some as high as 16 percent, on the import of energy services and technologies, the U.S. Treasury secretary said yesterday in an interview.
That would not only encourage Chinese companies to buy environmentally friendly technologies, Henry M. Paulson Jr. said, but also would allow American corporations to sell more of their wares to China, helping to reduce the politically contentious trade deficit between the two countries.
…
Another important achievement, Paulson said, would be in the financial services sector. The countries expect to announce that China plans to increase, from 25 percent to a level still being negotiated, the stake foreign companies can hold in certain Chinese banks.
Unfortunately there is also bad news:
But the two sides are not expected to make progress on one of the most contentious issues between them: the value of China’s currency. The United States has been pushing China to allow market forces to determine the value of the yuan, saying it is grossly undervalued, giving China an unfair advantage on world markets.
China has agreed in principle that the currency is undervalued, but it wants only gradual change. The currency has increased about 8 percent since July 2005, when the Chinese removed the yuan’s long-standing peg to the dollar.
china, economy, politics, trade
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May 23rd, 2007 at 5:16 pm
Kinda the same benefit we get against the Euro…
May 25th, 2007 at 4:42 am
Those Chinese cats will fill up a Wal Mart on your ass.
May 29th, 2007 at 4:00 am
James: you are right except the “low” value of dollar vs. euro is the result of mkt forces determining a fair mkt value given the state of the U.S. economy, balance of trade, deficit, and a slew of other factors.
June 1st, 2007 at 2:09 am
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June 4th, 2007 at 11:48 am
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June 9th, 2007 at 3:52 am
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September 19th, 2007 at 8:47 am
good post
September 22nd, 2007 at 3:19 am
The China Economic Review blog reminds us that it is not the RMB that will save or kill off US manufacturing. They refer to a Cato Institue paper and report the following:
1.Imports from China are not the primary cause of the decline in US manufacturing jobs since 2000. The real reasons for the loss of some 3 million such jobs during this time were the US recession of 2001, sluggish demand abroad for US exports, and especially increased productivity in US manufacturing.
2.60% of China’s exports are made in foreign-owned plants, and much of the increase in Chinese exports has come as a result of other Asian countries sending their products to China to be “finished” before being exported to America and Europe. As Chinese exports to the US have gone up, those from other East Asian countries have gone down as a percentage of all US imports.
3.Tariffs on Chinese exports would do great harm to American consumers, whose access to low-cost Chinese-made textiles and shoes, home appliances and furniture, computers, electronics, toys, and other goods greatly increases their real wages by stretching the value of their paychecks.
4.Since 2001, the euro has appreciated by one third against the dollar, yet the US trade deficit with the euro zone has increased by 69%, suggesting that RMB revaluation would do nothing to lower the US trade deficit with China.
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