Word: exporting
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...about change." That's particularly the case when they?re leveled unilaterally. A 1997 study by the Institute for International Economics found that since 1970, unilateral U.S. sanctions met their stated goals less than 20% of the time, while costing the U.S. at least $15 billion annually in projected export revenues...
...Much of this dynamic growth has been export-driven, benefiting the low- and medium-technology sectors of the economy. But China is beginning to move up the technological ladder and is becoming more innovative in certain sectors such as electronics and biotechnology. The country has become a manufacturing superpower and the workshop of the world, producing two-thirds of all photocopiers, microwaves and shoes; 60% of cell phones; 55% of DVDs; over half of all digital cameras; 30% of personal computers; and 75% of children's toys, plus a wide variety of other goods...
...European Commission has moved in the short term to help farmers rebound from the global downturn. In January, milk prices fell so fast that officials reinstated export subsidies, a controversial measure that means European milk is sold to the rest of the world at artificially low prices, sometimes destroying local markets in poorer countries. In March, the commission started buying up butter and skimmed milk, raising the specter of new butter mountains. (Officials said because the purchases were temporary and on such a small scale, they resulted only in what could be described as "butter hillocks...
...fact is, despite what the headlines in your financial press might say about China's 'strong' growth, our economy is still hurting - thanks to the financial collapse your country inflicted on the world. Our export sector is particularly suffering, so the last thing anyone needs is for us to go all nationalistic and start a trade war. We understand we need the U.S. market, and we also have a desire for stability right now - more so than usual. Next month is the 60th anniversary of the founding of the People's Republic of China, and then in November...
...before you thank me for that, I wanted to mention a couple of things. Your Treasury Department has thus far been good at keeping its mouth shut about the value of our currency. As I said, we need our export sector to recover - late last year I had more unemployed workers in one province (Guangdong) than you have in your entire country - so forget about pressuring us to revalue the renminbi. We allowed it to increase in value against the dollar during the Bush years, but until there's evidence of a global economic recovery, we're not budging...