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Romney Campaign Press Release - We Can't Afford Four More Years Of Failing To Stand Up To China

October 22, 2012

Four Years Ago, Candidate Obama Talked Tough On China's Trade Practices:

Candidate Obama Had A "Pretty Straightforward Proposition" For China: "Keep On Manipulating Your Currency, We Are Going To Start Shutting Off Access To Some Of Our Markets." OBAMA: "The problem that we've got with China is not that we couldn't work out a deal in which they are benefiting and we are benefiting. The problem is that through all the tough talk of George W. Bush, he is a patsy when it comes to negotiating these agreements. And, what we need to do is to just be better bargainers that say, 'Look, here's the bottom line, you guys keep on manipulating your currency, we are going to start shutting off access to some of our markets. If you are doing the right thing and not trying to manipulate your currency to disadvantage us, then you will have access.' It's a pretty, pretty straight forward proposition." (Sen. Barack Obama, Remarks in Pittsburgh, PA, 4/14/08)

Candidate Obama: "If They're Manipulating Their Currency ... We Take Them To The Mat." OBAMA: "[W]e've got to have a president in the White House who's negotiating to make sure that we're looking after American workers. That means enforcing our trade agreements; it means that if they're manipulating their currency, that we take them to the mat on that issue..." (Sen. Barack Obama, Remarks in Chicago, IL, 8/7/07)

But Just This Month, President Obama Pushed Off His Latest Opportunity To Label China A Currency Manipulator Until After The Election:

On October 12, The Obama Administration Announced It Would Delay Yet Another Opportunity To Label China A Currency Manipulator. "The Obama administration is delaying a decision that had been due Monday on whether China is manipulating its currency to gain trade advantages. The Treasury Department says the decision will now come after global finance officials meet in early November." (The Associated Press, 10/12/12)

"The Delay Means The Decision Will Not Likely Come Until After The Nov. 6 Presidential Election." (The Associated Press, 10/12/12)

President Obama Has Refused To Stop China's Cheating At Least Seven Times Since Entering Office:

Under President Obama, The United States Treasury Department Has Refused To Label China A Currency Manipulator Seven Times. (Los Angeles Times, 5/25/12; Reuters, 12/28/11; MarketWatch, 5/27/11; New York Times, 2/04/11; MarketWatch, 7/8/10; USA Today, 10/15/09; Reuters, 4/15/09)

Senator Sherrod Brown (D-OH): "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.'" (Sen. Sherrod Brown, Press Release, 5/25/12)

While President Obama Has Refused To Act, American Jobs Have Vanished And China Has Become The World's Top Manufacturing Country:

The Washington Post: "China's Policy Has Probably Cost Americans Hundreds Of Thousands Of Jobs And Contributed To China's Destabilizing Pile Of Trillions Of Dollars In Reserves." "China's undervalued renminbi is a long-standing, bipartisan concern, and it is not a phony one: In pursuit of growth led by exports, China has held the renminbi down in relation to the dollar, rendering its goods artificially cheap in the U.S. market. The renminbi would gain about 20 percent against the dollar if it were allowed to float freely like other currencies, according to the Peterson Institute for International Economics. China's policy has probably cost Americans hundreds of thousands of jobs and contributed to China's destabilizing pile of trillions of dollars in reserves." (The Washington Post, 8/31/11)

In 2011, China Became "The World's Top Manufacturing Country," Ending The United States' Century-Long Run. "China has become the world's top manufacturing country by output, returning the country to the position it occupied in the early 19th century and ending the US's 110-year run as the largest goods producer." (Financial Times, 3/13/11)

  • Since President Obama Took Office, The United States Has Lost 610,000 Manufacturing Jobs. (Bureau of Labor Statistics, 10/16/12)
  • Under President Obama, Ohio Has Lost 12,300 Manufacturing Jobs. (Bureau of Labor Statistics, 10/16/12)

Why Is President Obama Putting Politics Ahead Of American Workers? He's Afraid Of Embarrassing China:

President Obama Said He Wouldn't Declare China A Currency Manipulator Because He Didn't Want To "Go Out Of Our Way To Embarrass" China. "President Barack Obama, addressing questions Wednesday about China's alleged trade abuses and currency manipulation, said the United States must push back against unfair practices but not 'go out of our way to embarrass' the country." (The Cleveland Plain Dealer, 9/27/12)

Mitt Romney, Romney Campaign Press Release - We Can't Afford Four More Years Of Failing To Stand Up To China Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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