Is this another Biden gaffe?
The U.S. trade deficit with China grew by 8,105 Million dollars under Obama.
-20,583.8 Million dollars when Obama took office in January, 2009
-26,022.6 Million dollars in January, 2012
-28,688.1 Million dollars in August, 2012
SOURCE:(Bureau of Labor Statistics) http://data.bls.gov/timeseries/LNS14000000
According to Manufacturing.org
"China’s currency manipulation has contributed to the dramatic increase in the U.S. bilateral trade deficit with China, which now tops $295 billion a year. China has amassed foreign exchange reserves of more than $1 trillion, far surpassing any other nation’s reserves.
"China’s currency manipulation also attracts foreign investment into China and away from American manufacturing facilities. This flow of investment already has cost American workers their jobs. When countries adopt artificial exchange rates not based on market forces, they not only exacerbate the U.S. trade imbalance, but they create global trade imbalances.
"Additionally, currency manipulation results in a sizeable difference in labor costs. This difference creates the illusion of a comparative advantage for a given country. Ultimately, currency manipulation is a subsidy that can put American manufacturers at an unfair disadvantage in the global marketplace." www.americanmanufacturing.org/category/issues...
Romney wants to declare China a currency manipulator, which would allow tariffs (taxes) on all China imports.
Romney stated on 7/25/2012:
"We face another continuing challenge in a rising China. China is attentive to the interests of its government – but it too often disregards the rights of its people. It is selective in the freedoms it allows; and, as with its one-child policy, it can be ruthless in crushing the freedoms it denies.
"In conducting trade with America, China permits flagrant patent and copyright violations … forestalls American businesses from competing in its market … and manipulates its currency to obtain unfair advantage.
"It is in our mutual interest for China to be a partner for a stable and secure world, and we welcome its participation in trade. But the cheating must finally be brought to a stop. President Obama hasn’t done it and won’t do it. I will."