US representatives were preparing to vote yesterday for higher tariffs on goods from Beijing, just hours after US President Barack Obama and Chinese Premier Wen Jiabao (溫家寶) discussed their differences.
In a “candid” two-hour meeting, Obama told Wen that China had to do more to revalue its currency, a senior official said. There was no sign, however, that Beijing was ready to shift its position.
The US president cited recent complaints to the WTO against allegedly unfair Chinese trade practices as evidence of his determination to act to protect US interests.
The meeting on Thursday, on the sidelines of the UN General Assembly, came amid increasing frustration in Washington over Chinese economic and trade policies.
This is also a time of heightened political sensitivity because of the impending mid-term elections in the US.
A US congressional committee, meanwhile, was expected to vote later yesterday on legislation that would expand the Commerce Department’s powers to impose tariffs on China’s goods to punish China for its purportedly undervalued currency.
Jeff Bader, Obama’s top East Asia policy official, said the meeting lasted two hours and was dominated by the economy, adding that Obama told Wen the foreign exchange row was the “most important issue” they would discuss.
Obama raised with Wen the “need for China to do more than it has done to date,” on the yuan, said Bader, senior director for Asia on the National Security Council.
The president told Wen he welcomed China’s announcement in June that it would follow a more flexible exchange rate policy, Bader said, but “he noted that we were disappointed that there had not been much movement since ... that we look to see more rapid and significant revaluation in the months to come.”
Bader would not be drawn on Wen’s response, but did say that the Chinese premier “reiterated the Chinese intention to proceed to continue with reform of their exchange rate mechanism.”
During the meeting, Obama mentioned the two WTO complaints his administration has lodged against China in recent days — in what could be seen as a deeply veiled threat of more US action if the yuan does not rise.
“The president made clear ... that he is going to protect US economic interests and that we look for the Chinese to take actions,” Bader said. “If the Chinese don’t take actions, we have other means of protecting US interests.”
Washington alleges that China has been treating US steel and electronic payment providers unfairly.
The House Ways and Means Committee was expected to vote on a bill that would enable the Commerce Department to impose tariffs on Beijing even if the Treasury Department has not branded China as a “currency manipulator.”
The legislation may come up for a full vote on the House floor as early as next week.
Supporters say it could strengthen Obama’s hand in negotiations with China, though opponents fear it could simply further anger Beijing.
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