A couple of weeks ago I did a column It’s as simple as ABC: ‘You get what you pay for’ in which I discussed America’s trade relationship with China.
Space restrictions kept me from exploring all the problems we have with the Chinese. When it comes to importing and exporting products, we’re getting royally shafted!
This story ran in USA Today and it examines just how lopsided our arrangement with China has been.
I was surprised to see, according to the related news article below, that China is our 2nd biggest trade partner. Can you guess who our number #1 trade partner is?
Meanwhile:
“The World Trade Organization's top arbitrators upheld a ruling that China is illegally restricting imports of U.S. music, films and books, and Washington pushed forward with a new case accusing China of manipulating the prices for key ingredients in steel and aluminum production.
Monday's verdict by the WTO's appellate body knocked down China's objections to an August decision that came down decisively against Beijing's policy of forcing American media producers to route their business through state-owned companies.
If China fails over the next year to bring its practices in line with international trade law, the U.S. can ask the WTO to authorize commercial sanctions against Chinese goods.”
Go here to read the rest.
In a related news, prior to President Obama’s visit to China, the Wall Street Journal’s Online edition ran this story.
Can you spell irony?
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