“China was America’s second-largest trading partner behind only Canada,” reports The New Republic. “It accounted for 13.6 percent of all trade. In other words, billions upon billions of dollars are at stake,” if Romney acts on his bellicosity, as he promised to.
The Republican presidential hopeful sounds more like a card-carrying union member than a former CEO when he outlines his White House agenda for China, urging tariffs and downplaying the threat of a trade war. He extended his tough talk recently to the pages of The Wall Street Journal in a piece epitomizing the protectionist rhetoric he’s deployed for much of his presidential campaign.
“Unless China changes its ways, on day one of my presidency I will designate it a currency manipulator and take appropriate counteraction,” Romney wrote. “A trade war with China is the last thing I want, but I cannot tolerate our current trade surrender.”
Here’s another pesky details TNR omits conveniently: China is also our largest creditor.
Just to keep purchasing greenbacks, China is inflating its own money supply. Moreover, inflation in China and the attendant price hikes — brought about because of the debased dollar — could threaten the stability of a country that has “moved more people out of poverty in the shortest amount of time in the history of the planet.”
We owe them!
Sen. Rick Santorum is even crazier when it comes to our Chinese enablers:
“You know, Mitt,” said Santorum during The Washington Post/Bloomberg Republican presidential debate, “I don’t want to go to a trade war. I want to beat China. I want to go to war with China and make America the most attractive place in the world to do business.”
Newt is almost as nutty on this front as his two rivals, adding Russia to America’s enemy equation, and threatening cyberwar against Moscow and Beijing. Maybe cyber-warfare is Gingrich’s idea of a preemptive strike.
