Lost jobs are due to the lack of enforcement of trade policy through the WTO.
House Approves Trade Sanctions Bill but Obama Hedges on Chinese Currency Manipulation
On September 29, 2010 the House approved a trade sanctions bill targeted at China for their grossly undervalued currency by an overwhelming majority. In such a time where bipartisanship is rare it is prudent to ask why this bill garnered abundant support from both sides of the political aisle.
Then President Bill Clinton claimed that the agreement allowing China into the WTO, which was negotiated during his administration, "creates a win-win result for both countries". He argued that exports to China "now support hundreds of thousands of American jobs" and that "these figures can grow substantially with the new access to the Chinese market the WTO agreement creates". Others in the White House, such as Kenneth Liberthal, the special advisor to the president and senior director for Asia affairs at the National Security Council, echoed Clinton's assessments.
[ame="http://www.youtube.com/watch?v=K1tHV_fztR4&feature=related"]Al Gore Pushing NAFTA[/ame]
U.S. backs off in currency dispute with China
The Obama administration backed away on Friday from a showdown with Beijing over the value of China's currency that would have caused new frictions between the world's only superpower and its largest creditor.
The Treasury Department delayed a much-anticipated decision on whether to label China as a currency manipulator until after the U.S. congressional elections on November 2 and a Group of 20 leaders summit in South Korea on November 11.
Washington and the European Union accuse China -- set to become the world's second-largest economy after the United States this year -- of keeping the yuan artificially low to boost exports, undermining jobs and competitiveness in Western economies.
The decision to delay the Treasury's semi-annual currency report reflects a desire by the Obama administration to pursue diplomacy to resolve the dispute with China rather than provoke a confrontation that could potentially lead to a trade war and affect long-term interest rates. In July, China held $847 billion in U.S. government debt.
Obama refuses to label China as a currency manipulator even after a bipartisan Congress voted to do it.
So tell me again which party is sending jobs out of this country.
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