Close Yes, Comfy No for Sino-U.S. Trade Ties
Globalization was a win-win for developed and developing countries for a long time. It doesn't feel that way anymore. Developed countries, after enjoying cheap goods and high incomes for years, are now suffering as jobs dry up. In their eyes, the future looks worse.
Against this backdrop, the United States is putting more pressure on China to appreciate its currency. Congress is holding hearings on China's exchange rate, and Treasury Secretary Timothy Geithner is complaining loudly, saying the yuan is moving too slowly. Even President Barack Obama recently had a few critical words about China's yuan policy.
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