Not a perfect world, but Daniel Ikenson of the Cato Institute sees real progress in U.S.-China economic and trade relations. From “Trade, They SED“:
[There] appears to be little momentum to move any legislation before the end of the term because, frankly, things are working themselves out. The Chinese currency has appreciated by 20 percent against the dollar since the exclusive dollar peg was terminated in July 2005. U.S exports to China are setting new records every year — in just the first quarter of this year U.S. exports to China rose 25 percent, while U.S. import growth from China slowed to 2 percent.
Chinese consumer spending rose 22 percent in April, the highest monthly increase in a decade, driving home the point that if Congress is going to worry about the effects of Chinese competition on the supply side, it can also celebrate the effects of China’s growing wealth on the demand side. The downside of U.S. protectionism is accentuated when the world’s economic growth is occurring outside the United States.
The WTO dispute resolution process has also been brought to bear in U.S.-China trade, with the results coming down on the U.S. side.
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