7am News, Sports and Obits
Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Giannoulias Says Trade Policies Unfair
A candidate for U.S. Senate wants to put the squeeze on China when it comes to trade.

State Treasurer Alexi Giannoulias, running in the Democratic primary for the Senate, says he wants trade treaties to be evaluated for the impact on American jobs.

Giannoulias said China in particular is hurting the U.S. in three ways that he considers unfair:

* Rather than letting its currency fluctuate on the world market, China allows its currency to be pegged to the value of the dollar. The consequence of this is that when the dollar is weak, American manufactured goods should be more attractive around the world, and Chinese goods should be less attractive in the U.S., but this does not happen as it should.

* China subsidizes domestic industries that are not as strong as foreign competitors, limiting the opportunity for businesses based in other countries to do business in China. The World Trade Organization has ruled against China on this issue.

* China must uphold intellectual property rights.

The United States will have a difficult time negotiating with China, because the U.S. is in debt to China to the tune of $800 billion, so China holds a lot of leverage.

Giannoulias says he doesn’t want a trade war, though, which might help U.S. manufacturing but would be harmful to agriculture.

Giannoulias addressed these issues in a press conference on Sunday with a group of labor leaders at a union hall in Chicago.

(Illinois Radio Network)
12 13 09 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.