Geithner signals tougher stance on China

[onehandle]

Source: AP

WASHINGTON – Treasury Secretary-designate Timothy Geithner says President Barack Obama believes China is "manipulating" its currency, a declaration that American manufacturers have long sought in their efforts to combat America's soaring trade deficit with China.

However, Geithner also suggested that now might not be the right time to brand China as a currency manipulator under U.S. trade law, a designation that would trigger negotiations between the two countries and could result in U.S. economic sanctions against China.

"President Obama — backed by the conclusions of a broad range of economists — believes that China is manipulating its currency," Geithner wrote in answer to questions submitted to him by members of the Senate Finance Committee.

"President Obama has pledged as president to use aggressively all the diplomatic avenues open to him to seek change in China's currency," Geithner said.

Read more: http://news.yahoo.com/s/ap/20090123/ap_on_bi_go_ec_fi/g...

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KICK CHINA'S ASS!

[closeupready]

1. I hope he makes sure China pays its taxes, too.

[Tempest]

2. What's he going to do?

Tell China we won't be selling them any more of our debt?