USA TODAY: Monthly U.S. exports to Europe grew in December, a hopeful sign after a steep decline the previous month. But, some economists remain concerned that the region’s debt crisis will weigh on the U.S. economy this year…
For the year, the deficit with China climbed to an all-time high of $295.5 billion, up 8.2% from the previous record set in 2010. Both imbalances were the largest ever recorded with a single country.
Some in Congress have geared up calls for a crackdown on what critics see as unfair trade policies, such as the country’s steeply undervalued currency. Some lawmakers are especially upset at a time when the 8.3% unemployment rate, though falling, is still considered far too high… (more)
EDITOR: Unlike the currencies of the other major economies of the world, the Chinese do not allow their the renminbi to be valued by the world currency market.
We should not allow the Chinese to set the value of the renminbi so low that Chinese products flood our markets and deprive our workers of jobs. If need be, we should impose a tariff even if it means abrogating treaties.
The likelihood would be the Chinese would back off and adjust up the value of the renminbi .
