-Bloomberg NewsMitt Romney
By Damian Paletta
Former Massachusetts Governor Mitt Romney said if he were elected president he would immediately launch a combative relationship with Chinese leaders and attack their currency and trade policies, as Republican presidential candidates used an evening debate to jump into an issue that is dividing leaders of their party in Washington.
“If you are not willing to stand up to China, you are going to get run over by China,” Mr. Romney said at a New Hampshire debate hosted by Bloomberg and the Washington Post.
He accused China of “cheating” and undervaluing its currency, the yuan, which many believe enables the Chinese to boost their exports. Mr. Romney said U.S. leaders have been “played like a fiddle” by Chinese leaders, something he said he would stop as president.
“The Chinese are smiling all the way to the bank,” Mr. Romney said. He said he’d use his first day in office to issue an executive order labeling China as a currency manipulator, something the Obama administration and previous administrations haven’t been willing to do.
China’s currency and trade policies are easy targets in Washington. The U.S. Senate voted Tuesday to pass legislation that would force the White House to more aggressively seek tariffs and other penalties against countries with “misaligned” currencies. The Senate bill won bipartisan support and it enjoys bipartisan support in the House. But House Speaker John Boehner (R., Ohio) has called the plan “dangerous,” suggesting he is unlikely to bring it up for a vote any time soon.
The White House has taken a cautious approach toward China, using public remarks and private jawboning to pressure its leaders to let the yuan appreciate more rapidly, but stopping short of more aggressive actions many on Capitol Hill have endorsed.
Beijing has allowed its currency to steadily appreciate at a pace of about 0.5% a month since June 2010 in response to international pressure.
Former Utah Governor Jon Huntsman, who was President Barack Obama’s first ambassador to China, argued against antagonistic policies with China and said they would likely reciprocate if U.S. political leaders enacted trade penalties.
“You’re going to find yourself in a trade war very, very quickly,” he said. “We have to get used to the fact that as far as the eye can see into the 21st century, it’s going to be the United States and China on the world stage.”
http://blogs.wsj.com/economics/2011/10/12/romney-talks-tough-on-china-in-gop-debate/
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