What we see here is Western industries earmarked for extinction thanks to free trade!
China's Predatory Trade Practices. ( Pittsburgh Post-Gazette 6.4.10 )
On his Mon Valley stop today, Sen, Arlen Specter will accuse China of "international banditry" in its trade policies, blaming the export powerhouse for the erosion of manufacturing employment in the United States. The speech comes during a campaign in which his Democratic primary opponent Rep. Joe Sestak, has faulted the incumbent's record on economic issues, blasting him for his support of the North American Free Trade Agreement. Mr. Specter has voted for a variety of other free trade pacts, often opposed by U.S Labour groups but he has been a reliable ally of the steel industry and the
USW in his support of a succession of international Trade Organisation cases complaining about steel imports. The prepared text of the strongly worded speech targets China's management of its currency, demanding that Beijing move to a floating exchange rate. Numerous economists have observed that by undervaluing its currency, the yuan, China has seized an unfair advantage in the price of its goods over its trading partners. China has repeatedly denied the widespread charges that it manipulates its currency to promote its exports. Mr. Specter's speech calls for a "workers bill of rights" on trade. "America's continuing loss of manufacturing jobs threatens the welfare and pre-eminence of this nation."
Because of currency rates and as China's currency policy grows more intense no-one can compete with prices quoted from China. The products they bring over are cheaper than we can buy materials to make them.
Well if that's free trade today, will anyone have a job tomorrow ?
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