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WASHINGTON, May 17 - The Bush administration warned China today that its currency policies were "highly distortionary" to world trade and implicitly threatened to retaliate if Chinese leaders did not change course within the next year.

In language far harsher than any it has used before, the Treasury Department declared that China's fixed exchange rate between its yuan and the dollar posed a risk to itself as well as to global growth.
I only hope Congress doesn't do the dumb rash thing and implement quotas for Chinese garments. Otherwise I'll have to break the bank and buy them all a copy of Free to Choose. (See through the rhetoric and know that any anti-trade talk on the floor is just string-pulling by dinosauric special interest.)


At 7:47 PM, Blogger Miguel said...

Do you think quotas or sanctions would be justified if China was manufacturing using slave labor? Don't Christian interests also oppose China's economic success?

At 12:10 AM, Blogger joŇ°ko said...

Quotas or sanctions are never justified. If Christians don't like slave labor, they shouldn't by products produced by it.

At 9:45 AM, Blogger Ivan said...

The best way to end abusive labor practices is to improve the local economy so people have other choices. Clearly this holds up to a limit, e.g. if there is a legitimized slave trade or something, there is little chance a growing economy would benefit you.

But in the cases we're talking about here, working in garment shops is often better than muckraking or worse jobs.


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