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Romney Campaign Press Release - Too Little, Too Late On China

September 17, 2012

"President Obama has spent 43 months failing to confront China's unfair trade practices. Campaign-season trade cases may sound good on the stump, but it is too little, too late for American businesses and middle-class families. President Obama's credibility on this issue has long since vanished. I will not wait until the last months of my presidency to stand up to China, or do so only when votes are at stake. From Day One, I will pursue a comprehensive strategy to confront China's unfair trade practices and ensure a level playing field where our businesses can compete and win." — Mitt Romney

As President Obama Returns To Ohio, He's Unveiling Another Campaign-Season Plan To Get Tough On China:

For The Second Time In A Matter Of Months, President Obama Is Unveiling Another Campaign-Season Plan To Crack Down On China In Ohio. "The administration's WTO action Monday would enhance a complaint it filed in July over Beijing's import duties on U.S. cars. Mr. Obama also announced that decision in Ohio at the start of a campaign trip. At the time, Mr. Obama said the complaint was intended 'to hold China accountable for unfair trade practices that harm American auto makers.'" (Carol E. Lee and Damian Paletta, "U.S. To File WTO Charges On China," The Wall Street Journal, 9/17/12)

But A Campaign-Season Conversion Won't Change The Failed Results Of Allowing China To Cheat For Years:

Under President Obama, The United States Treasury Department Has Refused To Label China As A Currency Manipulator Seven Times. (Don Lee, "U.S. Declines To Label China A Currency Manipulator," Los Angeles Times, 5/25/12; Pedro Nicolaci da Costa, "U.S. Again Says China Not Currency Manipulator," Reuters, 12/28/11; Gregg Robb, "Treasury Says China Isn't A Currency Manipulator," Market Watch, 5/27/11; Sewell Chan, "China's Currency Avoids "Manipulated" Ruling Again," NYT, 2/04/11; Gregg Robb, "Treasury Does Not Cite China As Currency Manipulator," Market Watch, 7/8/10; Martin Crutsinger, "Administration Declines To Cite China On Currency Manipulation," USA Today, 10/15/09; Glenn Somerville and Doug Palmer, "U.S. Again Declines To Brand China Currency Manipulator," Reuters, 4/15/09)

President Obama's Failure To Confront China Has Resulted In Trade That Cost The United States Hundreds Of Thousands Of Jobs Since 2008. "American jobs have been shifting to low-wage countries for years, and the trend has continued during Obama's presidency. From 2008 to 2010, U.S. trade with China alone cost about 450,000 American jobs because of the growth of Chinese exports, said Robert E. Scott, a pro-labor advocate at the liberal Economic Policy Institute. That figure was less than in previous years, but the decrease was probably tied to the U.S. economic slowdown, which crimped demand for imports." (Tom Hamburger, Carol D. Leonnig and Zachary A. Goldfarb, "Obama's Record On Outsourcing Draws Criticism From The Left," The Washington Post, 7/9/12)

President Obama Has Stepped Up His Tough Talk On China Only Now That It Is "An Election Year." "In an election year, Obama has stepped up his talk and actions on China's trade practices. Last week the Commerce Department slapped stiff tariffs on solar panels imported from China. And earlier this year, Obama established a new trade enforcement unit to crack down on violators, specifically naming China as a potential target, as part of an overall strategy to boost domestic manufacturing, exports and jobs." (Don Lee, "U.S. Declines To Label China A Currency Manipulator," Los Angeles Times, 5/25/12)

And Even President Obama's Fellow Democrats — Including In Ohio — Agree That The Administration's Previous Actions Toward China Have Been Insufficient:

Senator Sherrod Brown: "The U.S. Treasury Department Has Given China A Free Pass When It Comes To Its Currency Manipulation." "'Once again, the U.S. Treasury Department has given China a free pass when it comes to its currency manipulation,' Brown said. 'While we're seeing American manufacturing rebound, China is stepping up its efforts in a number of critical sectors, including clean and solar energy, advanced manufacturing, and auto parts.'" (Senator Sherrod Brown, "Treasury Giving China A 'Free Pass' On Currency Manipulation," Press Release, 5/25/12)

Representative Tim Ryan (D-OH): "China Continues To Flout International Trade Laws By Manipulating Its Currency Value To Increase Its Trade Advantages. ... This Is Completely Unacceptable." "In March, U.S. Rep. Tim Ryan, D-Niles, and Congressman Mike Michaud, D-Maine, drafted a letter to U.S. Treasury Secretary Tim Geithner and U.S. Commerce Secretary Gary Locke to address China's continued currency manipulation. 'China continues to flout international trade laws by manipulating its currency value to increase its trade advantages,' Ryan said. 'This is completely unacceptable. All that our people are asking for is a level playing field.'" (Editorial, "Cheating Robs U.S., Area Of Jobs," Tribune Chronicle, 6/15/12)

Senator Charles Schumer: "The Administration Continues To Let China Get Away With Flouting Trade Rules Just For The Sake Of Diplomacy." "Sen. Charles Schumer (D-N.Y.), who has been sponsored legislation that would punish Chinese imports for the undervalued currency, also criticized the administration's report. 'The administration continues to let China get away with flouting trade rules just for the sake of diplomacy. Calling out China as a manipulator may be awkward, but it is time to take off the kid glove,' he said in a statement.'" (Julian Pecquet, "Treasury: China Not Manipulating Currency," The Hill', 5/25/12)

Senator Bob Casey: "When China Cheats On Currency, We Lose Lots Of Jobs. And Not Just Tens Of Thousands, We Lose Hundreds Of Thousands, If Not A Lot More." CASEY: "And one of the substantial factors in that has been the Chinese currency, their policies, because when China cheats on currency, we lose lots of jobs. And not just tens of thousands, we lose hundreds of thousands, if not a lot more. So when they -- when they don't play by the rules, our workers pay the price and our communities pay the price." (Senator Bob Casey, Press Conference, U.S. Senate, 9/22/11)

Mitt Romney, Romney Campaign Press Release - Too Little, Too Late On China Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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