Press Releases
NFTC in the News
View from the Council

Press Releases

U.S. Goes After China At WTO As Pressure Mounts From Congress
Date: 9/16/2010
Written By: Bloomberg Businessweek, Mark Drajem and Peter Eichenbaum

Excerpt: The Obama administration, facing growing complaints in Washington that it hasn't persuaded China to increase the value of its currency, filed two trade cases against the world's largest exporter of goods. The complaints at the World Trade Organization yesterday -- one on payment-processing companies and the other on steel duties -- followed demands in Congress hours earlier that the U.S. push China to accept a stronger yuan. Today, Treasury Secretary Timothy F. Geithner is scheduled to appear before the same lawmakers to discuss China's trade and its currency. "People are losing patience as economic conditions here don't improve and China says they will make changes, and then they don't," William Reinsch, the president of the Washington- based National Foreign Trade Council, said in an interview. "The currency debate has taken on a life of its own, and I don't think the WTO cases will stop that."