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S., which has the potential to widen the already gaping trade gap between the two super economies. The U.S. is really in no position economically to begin to demand that China shape up its currency valuation policies and trade agreements toward the west. Crook's argument for action is compelling, and leaves the reader to wonder why the current U.S. presidential administration has really done nothing to remedy the ever-growing problem of U.S. And Chinese trade disagreements.
As far as direct actions that the U.S. could take to fight back against the Chinese trade deficit, it would be quite easy and politically savvy for the Obama administration to begin taxing or discouraging outsourcing of U.S. production jobs to China, and begin to implement tariffs on Chinese goods. This would help reduce the incentives that U.S. companies have to move their labor elsewhere while at the same time raising the bar on imports from China, signaling to China that trade equality is a major priority...
administration. Another weapon the U.S. has to fight back against the Chinese is the U.S. dollar. China holds hundreds of billions of U.S. dollars and U.S. bonds, and with such a heavy position in U.S. currency, it would be relatively easy to begin to fight back against the Chinese currency valuation issue that currently exists.
Whatever the U.S. decides to do, it needs to act quickly. The global economic recession has given countries like China an opportunity to begin to exploit the economic weaknesses of other nations, specifically the U.S. This is not a new phenomenon, but the U.S. has a real opportunity to turn the tables against China and in its own favor relative to trade, the economy, and world currency valuation.
References
Crook, Clive. (2010). "Time to get tough with China." Financial Times. Published 10
Oct, 2010. Available online at: http://www.ft.com/cms/s/0/2b931da6-d49a-11df-b230-00144feabdc0.html.
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