A congressionally appointed panel on Nov. 9 called Chinas revaluation of its yuan currency an extremely limited step and said Congress should consider tariffs against Chinese imports. It urged lawmakers to file a complaint before the World Trade Organisation unless China revalues the yuan by at least a quarter.
This shows an attitude of wanting a trade war, which, if escalated, will not benefit either side, Bo said in an interview in Busan, South Korea. No one is forcing the US to buy Chinese goods. US lawmakers, manufacturers and unions have been pressing US President George W Bush to crack down on what they say are Chinas unfair trade practices, such as undervaluing its currency, providing cheap loans to companies and cutting taxes for domestic producers.
Chinas trade surplus swelled to a record $12 billion in October from $7.56 in September, the Beijing-based customs bureau said in a Nov. 10 statement. Exports rose 29.7% from a year earlier, outpacing a 23.4% gain in imports.
WHAT CHINA SAYS
| Attempts by US to impose tariffs would violate global commerce accords |
US attitude would invite trade war, which, if escalated, will not benefit either side