Business

The U.S. Just Beat China…in a Trade Dispute

Tension: U.S. Wins Trade Dispute Against ChinaWASHINGTON (The Blaze/AP) — The United States has won a trade dispute with China over that country’s treatment of foreign companies that process credit card payments and other electronic transactions.

U.S. officials said Monday that the ruling by the Geneva-based World Trade Organization (WTO) could allow American companies to enter China’s $1 trillion electronic payments
market. The WTO adjudicates trade
disputes among its members.

Under WTO rules, China can appeal the decision. And even if it doesn’t, China can take months to respond to the ruling. If it doesn’t comply with the decision, the United States can impose retaliatory tariffs against China’s exports.

But what started the dispute in the first place?

The United States had argued that China’s government provides a domestic company, China Union Pay, with a monopoly over the processing of electronic payments. That discriminated against foreign companies and violated WTO rules.

The industry estimates that the ability to process China’s electronic payment transactions could create 6,000 U.S. jobs.

With the economy weak and unemployment high, trade with China has become an issue in the presidential campaign.

Some manufacturing groups and unions have complained that China keeps its currency artificially low to gain a trade advantage. A cheaper currency, compared to the dollar, makes China’s exports less expensive in the United States.

White House spokesman Jay Carney said the case is part of the Obama administration‘s efforts to crack down on China’s “unfair trade practices.” Carney said the Obama administration has brought twice as many complaints against China to the WTO as President George W. Bush did in his first 3 1/2 years in office.

And it makes sense: according to the president, China is one the serious “headwinds” facing our economy.

Mitt Romney, the presumptive GOP presidential nominee, has said the Obama administration‘s efforts haven’t been enough. He has pledged to cite China as a currency manipulator on his first day in office, a move that would require negotiations between the two countries. If those talks didn’t resolve the issue, trade sanctions could be imposed.

President Obama has recently charged that the private equity firm Romney once ran invested in companies that outsourced jobs to China. Romney responded Monday by saying the attacks are an attempt by Obama to distract from his “poor” record on the economy.

The Associated Press contributed to this report.

Comments (25)

  • The-Real-Enrico
    Posted on July 20, 2012 at 3:18pm

    Shame

    Report Post » The-Real-Enrico  
  • fastfacts
    Posted on July 16, 2012 at 5:57pm

    Cononel,

    Didn’t you see what Dr. Doom said about Obama via his prediction on China… we’re doomed. China will just print money like the United States: http://www.thedailycandidate.com/video/2012/july/doom_china_print.html

    MR. PRESIDENT, STOP SCREWING US…

    Report Post »  
  • ColonelJackSchmice
    Posted on July 16, 2012 at 5:15pm

    We won!!!! Thank you Mr. President.

    Report Post »  
  • jamesctheman
    Posted on July 16, 2012 at 4:45pm

    This is what Obama is going after? 6,000 whole jobs which could be created? That‘ll put a big ’ole dent in that 8.2% unemployment. Whew… I thought we were really going to go over the cliff there. If Mitt Romney is not B.S. ing the conservative base & he means what he says Obama is going to be knocked out in the first debate. We have him talking some of the talk. What we need to do is have him walk the walk. China is getting a little big for it’s britches. I’ll bet we can take a bunch of our manufacturing from China, move it to Mexico & into states with a business friendly environment, add a tax break for these companies, China is out of business & desperate. Then it’s back on our terms.

    Report Post » jamesctheman  
    • dublinthewagons
      Posted on July 17, 2012 at 11:24am

      Obama just pulls these great big numbers out of his arzz. What does he have to backup these numbers? Nothing. China will print more money to lower the value of their currency. The Obama administration couldn’t beat a dead dog let alone china. China can go up on its exports to the U.S.
      We still can’t compete without factories. The man child is a fool

      Report Post »  
  • Matt
    Posted on July 16, 2012 at 4:44pm

    The sad thing is that this is the exception, rather than the norm. Oh America, when did you lose your way?

    Report Post »  
  • hi
    Posted on July 16, 2012 at 4:34pm

    u.s.a!
    u.s.a!

    Report Post » hi  
  • 65Plus
    Posted on July 16, 2012 at 4:32pm

    1 down, 234,453,577,995 to go.

    Report Post » 65Plus  
  • psadie
    Posted on July 16, 2012 at 4:17pm

    Go for the Chinese tariff on all their goods and make it a BIG ONE. There take that you Mao’s!

    Report Post »  
  • v15
    Posted on July 16, 2012 at 4:10pm

    This is what happens when you invite a anti-American Chinese pianist named “Lang Lang” to the White House to sing Anti-American propaganda songs. Encore! Encore! Invite Lang Lang back for an encore because I don‘t think we’ve humiliated America enough yet!

    Report Post » v15  
  • The-Monk
    Posted on July 16, 2012 at 3:58pm

    “Some manufacturing groups and unions have complained…”

    Unions? Now we know why the White House is acting on this…

    Report Post » The-Monk  
    • Anonymous T. Irrelevant
      Posted on July 16, 2012 at 4:29pm

      And only during election time. What happened to the other 3 1/2 years?

      Report Post » Anonymous T. Irrelevant  
    • The-Monk
      Posted on July 16, 2012 at 5:16pm

      Howdy Anonymous T. Irrelevant,

      He didn’t need that “union money” back then but he does now.

      Hope all is well with you.

      Report Post » The-Monk  
    • TrueSoundsOfLiberty
      Posted on July 16, 2012 at 8:01pm

      Actually this administration has been quite aggressive against Chinese trade practices. They have filed complaints on rigging at more than twice the rate of the previous administration. Obama has fought for fairness on a variety of products like garlic, chicken, American made tires and American made steel. Apparently the “Garlic Union” has a lot of power in the beltway…

      Report Post » TrueSoundsOfLiberty  
  • hauschild
    Posted on July 16, 2012 at 3:57pm

    Who else thinks China couldn’t care less, much less respect the ruling? I

    It’s just like gun laws and criminals – can you an pass all of them you want, but they don’t amount to a hill of beans to an unscrupulous lot.

    Report Post »  
  • Snowleopard {gallery of cat folks}
    Posted on July 16, 2012 at 3:53pm

    Carney is a bold faced liar and shill for the administraiton; the clear precident with China is that they will not allow the US entry into their credit card marketing unless it is to their own national benefit and not due to any courts declaration on the matter.

    China looks out after China first, foremost and always.

    Now watch Obama crow loud and long on this matter, claim victory over the Chinese and then he will also blame Bush for all the evils of days of yore for persecuting his harmless Chinese allies.

    Report Post » Snowleopard {gallery of cat folks}  
    • HorseCrazy
      Posted on July 16, 2012 at 4:09pm

      completely right. this is faux for show just more nonsense as if we have any control over china, they look out for themselves always and we are slave to the lender. just more political melodrama

      Report Post »  
  • Darmok and Jalad at Tanagra
    Posted on July 16, 2012 at 3:37pm

    How does this ruling effect those countries that steal our credit card info and expoit our companies through credit card fraud. Can we get a ruling on that?

    Report Post » Darmok and Jalad at Tanagra  
  • PoliticalTs.com
    Posted on July 16, 2012 at 3:28pm

    When will the MSM ask Obama or the White House about his admitted Cocaine use in his book. This is a felony, no if’s, ands, or but’s about it, yet it is ignored by the press. They love putting people on that are trying to imply that Mitt may have committed a felony, buy when they know for a fact, that Obama did, they refuse to mention it. If he were a Republican, they would be all over it, like they were with Bush, and his alchohol use, when he was younger.

    Report Post »  
    • Darmok and Jalad at Tanagra
      Posted on July 16, 2012 at 3:36pm

      Come on, you don’t even have to go that far to find a felony, He married a Wookie, that is beastiality at best.

      Darmok and Jalad at Tanagra  
    • KeystoneState
      Posted on July 16, 2012 at 3:39pm

      The media pry into Obama’s Cocaine use? Ha! The mainstream media is probably snorting the stuff themselves, how else do you explain their coverage?

      Report Post » KeystoneState  
    • Anonymous T. Irrelevant
      Posted on July 16, 2012 at 4:38pm

      SS card, selective service, dealings with Resko all under lock and key. Murdered gays from his church who allegedly had relationships with Obama and/or Wright. Larry Sinclair. I could go on and on. I kept telling everyone I knew in the summer of 2008 that he had NO executive experience, and that character counts. No one cared.

      Report Post » Anonymous T. Irrelevant  
    • Darmok and Jalad at Tanagra
      Posted on July 16, 2012 at 5:42pm

      @Keystone
      Maybe we can convince the MSM that he is stealing their stash. That might get them to investigate.

      Report Post » Darmok and Jalad at Tanagra  
    • TrueSoundsOfLiberty
      Posted on July 17, 2012 at 12:58am

      And what of W’s cocaine use? Some S.S. agents even claim he was using it while in office as well as drinking and taking Prozac as well as Ritalin. Where is the MSM on this?

      Report Post » TrueSoundsOfLiberty  

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