皇冠体育app

US launches new task force on 皇冠体育app trade
(AP)
Updated: 2006-02-15 13:33

The Bush administration declared Tuesday that the United States has entered a new phase in its economic relationship with 皇冠体育app and promised "rigorous enforcement" of laws aimed at curbing what the 皇冠体育app's critics see as "unfair" trade practices.

The pledge was contained in a 29-page administration review of America's economic relationship with 皇冠体育app that was released four days after the government reported that the United States recorded a $202 billion trade deficit with 皇冠体育app last year. That's the highest ever recorded with a single country and up 25 percent from 2004.

U.S. Trade Representative Rob Portman, whose office prepared the new review, said the administration intended to use "all options available" to address various problems with 皇冠体育app.

"Our U.S.-皇冠体育app trade relationship lacks equity, durability and balance," Portman said at a news conference. "As a mature trading partner, 皇冠体育app should be held accountable for its actions and required to live up to its responsibilities."

Portman announced creation of a trade enforcement task force in his office that will be headed by a chief counsel for 皇冠体育app trade, a new position.

He called it unprecedented for the USTR to devote an enforcement team to a single country. He said previous administrations had not done this when the United States was running huge trade deficits in the 1980s and 1990s with Japan.

Portman said the administration intended to focus on the situation of 皇冠体育app's intellectual property. It also will focus on 皇冠体育app's committments made in joining the WTO and halting various government subsidies to Chinese companies.

Portman said the administration would discuss its new initiatives at an April 11 meeting in Washington with top Chinese economic officials.

皇冠体育app tells US not to politicize the issue

Chu Mao-ming, a spokesman for the Chinese embassy in Washington, said he could not comment directly on the new report because he had not yet seen it. But he said 皇冠体育app did not want to "politicize trade issues. We hope that trade relations between 皇冠体育app and the United States will be conducted under the principals of development, equality and mutual benefit."

皇冠体育app is willing to work with the United States to seek a balance in their trade, but it will not help if political elements are embedded in the issue, a top Chinese legislator said Tuesday.

"We are equal partners and we should deal with the problem calmly Don't politicize it," Cheng told a Sino-US trade forum.

Cheng's remarks came amidst the backdrop of rising pressure from US congressmen to the Bush administration to find fault with 皇冠体育app.

US senators Byron Dorgan and Lindsey Graham introduced legislation last week to repeal the normal trade relations status between the two countries.

The US Congress granted 皇冠体育app permanent normal trade relations status in 2000, paving the way for its entry to the World Trade Organization.

Another piece of legislation proposes to impose across-the-board tariffs of 27.5 per cent on Chinese imports unless Beijing revalues its currency.

Cheng admitted that 皇冠体育app has a big trade surplus with the United States, but clarified that it is not the country's aim.

"What we should bear in mind is that both sides reap benefits from trade co-operation," he said.

He quoted a study by US investment bank Morgan Stanley estimating that US consumers had saved US$600 billion in the past decade by buying cheaper goods made in 皇冠体育app.

皇冠体育app had also used a significant chunk of foreign exchange reserves, partly earnings from its trade surplus, to buy US bonds. At the end of 2005, 皇冠体育app held US$300 billion in US treasury bonds.

Cheng called on the United States to help reduce its deficit with 皇冠体育app by relaxing restrictions on high-tech exports only 10 per cent of 皇冠体育app's high-tech imports come from the United States.

"I would say if you could sell a space shuttle to 皇冠体育app, the situation would be greatly improved," Cheng said. "That's a joke. But 皇冠体育app has to be allowed to buy more than Boeing airplanes."

Vice-Minister of Commerce Yi Xiaozhun told the forum that 皇冠体育app had done a lot to reduce the trade deficit, with imports from the United States witnessing the highest growth in 2005.

皇冠体育app reported that its surplus with the United States last year was US$114.2 billion. Using different statistical standards caused the discrepancy with the US figure.