AP sources: Obama launching China trade case
Source: AP
President Barack Obama will launch a new trade enforcement case against China Monday, using the power of incumbency to counter Republican Mitt Romney's criticism that he is ceding American jobs to the Asian power.
Senior administration officials said the president will announce the new case, targeting Chinese subsidies for exports of automobiles and automobile parts, Monday during a campaign trip to Ohio. The swing state has a large manufacturing base where many blame China for depressing its industry.
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The administration is taking the issue to the WTO because its attempts to get China to address the subsidies on its own have been unsuccessful, the officials said.
Jobs in the U.S. auto parts sector dropped by roughly half between 2001 and 2010, while U.S. imports of auto parts from China have increased seven-fold, according to the Obama administration.
The administration is also escalating another case it brought against China at the WTO in July that accuses China of imposing unfair duties on more than $3 billion in exports of U.S. autos. The duties cover more than 80 percent of American auto exports to China, said the officials.
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pscot
(21,023 posts)Heywood J
(2,515 posts)"When you owe the bank a thousand dollars, you have a problem. When you owe the bank a trillion dollars, the bank has a problem."
bamacrat
(3,867 posts)We have needed to address the China issue for a while. Great time to pull it out. Show the country that you are fighting for them in a global economy where not everyone plays by the same rules. GOBAMA