Romney, Ryan Attack Obama Administration For China Currency Manipulation
Mitt Romney and his running mate, Representative Paul Ryan, spoke out against China on Saturday, calling the country “cheaters” in the global economy. They also criticized the Obama administration of being soft on the country, whose current trade and policies are damaging the US manufacturing sector, as well as the middle class.
Romney and Ryan spoke at separate campaign stops in Ohio, criticizing the Obama administration for delaying a decision that was due on Monday to address whether China is manipulating its currency to gain advantages in the trade market, reports Fox News.
Romney spoke at a rally in Shawnee State University in Portsmouth, Ohio Saturday, saying:
“Over the past several years, the president has failed to call China a currency manipulator. Let me tell you, on Day One of my administration I will label China a currency manipulator. We have got to get those jobs back and get trade to be fair.”
The Republican presidential candidate made similar remarks later on Saturday in Lebanon, saying, “China’s been cheating, and I’m not going to let if go on.”
Romney’s running mate, Wisconsin Representative Paul Ryan, stated that he and Romney will “hold cheaters accountable.” Ryan added:
“The administration had its eighth chance to label China a currency manipulator. And they’ve indicated they are going to push this deadline off until after the election. That’s eight opportunities to say: ‘You know what, play fair with us, trade with us fairly.’ “
Romney and Ryan are referring to a decision made by the US Treasury Department on Friday, according to ABC News. They decided to postpone the October 15 report deadline, which allows for the meeting of finance ministers and central bankers from the G20 on November 4 and 5. The move, however, will also avoid publishing the report before the November 6 election. Romney went on to say:
“We’ve lost hundreds of thousands of jobs according to one study because of just this problem. Two million jobs we’ve lost, according to the International Trade Commission, because of one country, China, taking our intellectual property rights, meaning taking our patents, taking our goods that we make and copying them and selling them — that’s not correct, that’s not right, that’s cheating.”
Ryan was citing a study from the US International Trade Commission, which actually says that two million jobs could have been created, not that they were lost.
Romney has consistently asserted that the Obama administration is soft on China, even though they chose to expand an initiative by George W. Bush to spend $17 billion trying to limit China from stealing Pentagon technology. Two months later, Defense Secretary Robert Gates also started a new US Cyber Command station to address threats to the Defense Department’s computer networks.
In response to Romney and Ryan’s statements that the Obama administration is soft on China is contended by the administration, which says that it is incongruous to do so. Do you think that Romney and Ryan are right to criticize Obama for his policy on China?