Economic tensions loom over U.S.-China talks
China and the U.S. have pledged around EUR 15bn to boost global trade.
Friday, 05.12.2008.
16:35
China and the U.S. have pledged around EUR 15bn to boost global trade. The announcement came despite talks being overshadowed by tensions after China criticized excessive consumption in the U.S. for the financial crisis. Economic tensions loom over U.S.-China talks U.S. Treasury Secretary Henry Paulson said the aid would help tackle turmoil enveloping world markets. ‘‘To support trade flows during this period of financial turmoil, the U.S. and China announced today that our two export-import banks will make available an additional USD 20bn for trade finance, particularly for creditworthy importers in developing economies,’‘ said Paulson. Importers, struggling to find credit to buy goods, will receive the bulk of the aid. As China voiced concern over Washington’s management of the world economy, friction over exchange rate policy also bubbled to the surface. U.S. officials are fretting China might be losing the stomach to let its currency keep rising, which they say gives Chinese exporters an unfair trade advantage.
Economic tensions loom over U.S.-China talks
U.S. Treasury Secretary Henry Paulson said the aid would help tackle turmoil enveloping world markets. ‘‘To support trade flows during this period of financial turmoil, the U.S. and China announced today that our two export-import banks will make available an additional USD 20bn for trade finance, particularly for creditworthy importers in developing economies,’‘ said Paulson.Importers, struggling to find credit to buy goods, will receive the bulk of the aid. As China voiced concern over Washington’s management of the world economy, friction over exchange rate policy also bubbled to the surface.
U.S. officials are fretting China might be losing the stomach to let its currency keep rising, which they say gives Chinese exporters an unfair trade advantage.
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