Word: surpluses
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...Americans have many virtues-we are a hardworking, innovative people-but we are also impatient.' HENRY PAULSON, U.S. Treasury Secretary, opening a two-day U.S.-China trade summit in Washington D.C. by warning that the talks needed to address "immediate concerns" such as the effects of China's trade surplus and its undervalued currency on the U.S. economy...
...Americans earned more on their investments abroad than foreigners made here. This meant you could argue that our nation's decades-long spending binge had actually left it richer in relation to the rest of the world, not poorer. In 2006, though, the U.S.'s long-running investment-income surplus gave way to a deficit of $7.3 billion...
...interest to both countries would be thoughtfully discussed. But no matter how much U.S. Treasury Secretary Henry Paulson and Chinese Vice Premier Wu Yi try to cast this week's summit as an intellectual exercise, the main issue confronting them is by no means academic. China's trade surplus with the rest of the world is now at a projected $400 billion, and there is no sign that it is going to shrink anytime soon. The surplus this year will be well above 10 percent of China's total economy, a level more typical of a small Persian Gulf...
...global trading system has a built-in mechanism, of course, to deal with a country whose trade accounts get seriously out of whack with the rest of the world: currencies adjust in value against each other. China, with its surpluses, should see the renminbi go up over time, while the U.S. (with its enormous deficits) should see the dollar decline. But China has defied this system by clinging to a more or less fixed exchange rate. It has, after all, served the country well: the cheap RMB has encouraged the development of China's export-led industries, and attracted foreign...
...then figures, not pictures, were what mattered to this Conquistador of Hollywood's global domination. Testifying (at astounding length) before the House Judiciary Committee in 1982, Valenti boasted that the U.S. movie industry "returned to this country almost $1 billion in surplus balance of trade." A decade later that number had tripled...