• Chinese Currency a Concern for U.S. Treasury Secretary


    WASHINGTON, November 8, 2013 (AFP) – US Treasury Secretary Jack Lew will raise concerns about China’s trade policies and seek headway on an Asian trade pact during a visit next week.

    Lew will start a trip Tuesday to Japan then visit three other countries in the Trans-Pacific Partnership negotiations — Singapore, Malaysia and Vietnam — before talks Friday in Beijing, the Treasury Department said Friday.

    “In China, he will discuss progress on the reform agenda and efforts to level the playing field for US workers and business,” a Treasury Department statement said.

    Lew will also speak with China about enforcement of sanctions on Iran and North Korea over their disputed nuclear programs, it said.

    The Treasury Department last week charged that China’s yuan currency remains undervalued, which gives the manufacturing superpower a trade advantage.

    But the Treasury stopped short of branding China a currency manipulator, a designation that could trigger sanctions.

    President Barack Obama’s administration has preferred quiet diplomacy with China and the yuan has gradually been rising, largely in response to inflationary concerns.

    But in recent months, the Obama administration has been vocal in pressing China to crack down on theft of intellectual property, which a report this year said was costing US industry billions of dollars a year.

    The United States has generally supported an aggressive push by Japanese Prime Minister Shinzo Abe to boost the world’s third-largest economy, although US lawmakers have also voiced concern about the depreciation of the yen.

    Abe has brushed aside concerns by Japanese farmers to enter talks on the Trans-Pacific Partnership, a US-driven effort to create a vast free-trade zone.

    The pact would bring together the economies of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

    The countries, which account for more than one-third of the global economy, have called for an agreement by the end of the year but several officials have admitted publicly that the goal is unrealistic.

    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)


    Loading ... Loading …

    Comments are closed

     
  • You Only Live Once! It’s back with a winter time swing, so come down and join some of the Arcadia Recreation Department’s staff for an evening of fun at the Dana Middle School Gym, 1401 S. First Avenue in Arcadia, from 5-10pm....
    Happy New Year! Rose Parade Float Trophy Winners...
    AND AWAY THEY GO… The Valentine Derby steering committee is looking forward to a wonderful fundraiser party at the Santa Anita Race Track this Saturday, April 12. The event will feature a silent auction during the cocktail hour, a seated dinner a...
    With an all-time high of 875 in attendance, Methodist Hospital’s 19th annual Mardi Gras also raised a record-breaking $144,000 to benefit the hospital’s important cancer program....
    The Pasadena Guild of Children’s Hospital Los Angeles has pledged a $3 million endowment to fund the Pasadena Guild Chair in Developmental Biology and Regenerative Medicine at Children’s Hospital Los Angeles....
     
     
     
    Directory powered by Business Directory Plugin