Word: protectionists
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...China's current account surplus declined by about half as a percentage of its overall economy - that adjustment phase is over. Exports will again add to GDP growth in China this year, and in an era of high unemployment in the U.S. and Europe, the potential for a serious protectionist backlash is very real. (Indeed, a team from Treasury slipped quietly into Beijing recently to make just this point.) For administrations going back to Ronald Reagan in the 1980s, it's been a tried a true strategy: Tell your trading partner to give you something, because you might...
...undervalued, giving Chinese exporters an advantage over their competitors in the U.S. and elsewhere. Some U.S. lawmakers have been pushing Geithner to declare China a manipulator, which would force talks between the two sides and the International Monetary Fund and could create momentum for Washington to adopt protectionist measures...
Within the U.S., the imbalance is mainly seen as the product of protectionist policies by China, in particular China's refusal to let its currency, the yuan, appreciate against the dollar. There's certainly something to this - it's now universally agreed just about everywhere but China that a freely floating yuan would be worth significantly more than the 15 cents it currently goes for. By keeping its currency's value artificially low, China makes its products cheaper in the U.S., thus encouraging imbalanced trade. (See a story about China's consumers and the world economy...
...Tiwari's protectionist approach could actually hurt farmers. The World Bank's Delgado says that most projections show trade liberalization in agriculture would create significant increases in prices - as much as 20% for cotton and 7% for food grains. Not only would those gains increase the incentive for farmers to grow greater quantities of food, but they would also put more money in farmers' pockets, creating a new source of global demand. But with World Trade Organization negotiations on agricultural trade stalled on the issue of subsidies, it seems unlikely that farmers in Vidarbha and elsewhere will see these benefits...
...European Union has tried to topple the VW law, which it calls protectionist, but in 2008 Germany passed a revised VW law that granted Lower Saxony a veto right in the event of a takeover attempt. Wiedeking underestimated Wulff and the political nature of the battle. That made failure almost inevitable. Still, the money will help soothe his current woes...