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Feds Poole Warns on Trade Protectionalism |
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Feds Poole Warns on Trade Protectionalism
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SendTime：2008-04-08
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Negotiations in the global trade talks that restarted this week in Geneva have failed to move forward. "We are greatly concerned about the lack of progress in the Doha Round of World Trade Organization negotiations," the draft of the leaders' declaration says. "APEC economies account for almost 50 percent of world trade, and we are, therefore, all major stakeholders in a strong, expanding rules-based multilateral trade system."
But APEC doesn't include key players in the WTO talks, such as India, Brazil and the European Union.
Bush also urged China to make its exchange rate more flexible, saying that would help balance trade flows. "We still have got a huge trade deficit with China, which then causes us to want to work with them to adjust - to let their currency float," he said during the press conference. "We think that would be helpful in terms of adjusting trade balances." The U.S. trade deficit with China reached $235 billion and is expected to surpass that this year. American manufacturers say the Chinese yuan is deliberately undervalued to spur trade by making Chinese exports unfairly cheap. The yuan has appreciated about 7.3 percent against the dollar since July 2005, when authorities raised the yuan's value 2.1 percent. |
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