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Ryan Endorses Romney’s Tough Talk On China Despite Currency Vote

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Reposted from Inside U.S. Trade’s World Trade Online

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Ryan Endorses Romney’s Tough Talk On China Despite Currency Vote

August 16, 2012 | World Trade Online

Presumptive Republican vice presidential nominee Rep. Paul Ryan (R-WI), tapped on Aug. 11 to be the running mate of former Massachusetts Governor Mitt Romney, this week backed Romney’s campaign pledge to crack down further on unfair Chinese trade practices and criticized President Obama for not being tough enough on Beijing.

In an Aug. 16 campaign speech in Ohio, Ryan lauded free trade as a “powerful tool for peace and prosperity,” but said U.S. trading partners and China in particular need to play by the rules. He accused China of stealing U.S. intellectual property, blocking access to its markets and manipulating its currency.

“President Obama promised he would stop these practices. He said he’d go to the mat with China. Instead, they’re treating him like a doormat,” Ryan said. “We’re not going to let that happen. Mitt Romney and I are going to crack down on China cheating, and we’re going to make sure that trade works for Americans.”

Ryan’s endorsement of his running mate’s tough talk on China is significant given that, as a member of Congress, he has not taken a particularly strong stance against Beijing on trade issues.

For instance, he voted against a bill the House passed in 2010 that would have authorized the Commerce Department to investigate undervalued currency as a countervailable subsidy in countervailing duty cases. That bill passed the House by a vote 348-79, but was not taken up in the Senate.

Ryan also voted to extend most-favored nation status to China in 2000 ahead of its accession to the World Trade Organization.

That said, Ryan did vote in favor of a bill in March that affirmed Commerce’s right to impose countervailing duties to non-market economies like China and Vietnam. The vote was to counteract an appeals court ruling in the case of GPX International Tires v. the United States and retroactively kept in place more than 20 countervailing duty cases that would have been invalid had the court
decision taken effect.

4 Responses to “Ryan Endorses Romney’s Tough Talk On China Despite Currency Vote”

  1. Frank Shannon says:

    Has Ryan gotten religion on reform? What will the 70+ far-right Republican House members who have consistentaly blocked reform do now? Is Romney serious or just playing election year politics? This will be very interesting to follow now that Romney has put this issue front and center in the political debate.

    Obama must know he is vulnerabel on this issue. How will he respond?

  2. China Watcher says:

    Actions speak louder than words. Why doesn’t Romney urge John Boehner to bring a currency bill to a vote in the House? It will win handily. Then, instead of talking about Ryan’s vote in 2010 against a similar bill, the Democrats would have to either put up and pass the bill in the Senate — or shut up.

  3. Bruce Bishop says:

    re: “Ryan also voted to extend most-favored nation status to China in 2000 ahead of its accession to the World Trade Organization.”

    In 2000, the “experts” were saying, “We don’t need no stinkin’ manufacturing. We are going to be a service economy. Let China do our dirty work.” They also told us that globalization would allow us to focus on the jobs which required more thinking and higher education. Of course, this totally ignored the lower two-thirds of the IQ bell curve, but what do the “experts” know of people who actually work for a living? They know little and they care even less.

    The journalists, academics, politicians and economists who pushed for globalization and for the end of manufacturing in the U.S. feel that the government should tend to the needs of the “poor and the less fortunate.” They, the elites, would make the decisions, while the rest of us would be tended, like a herd of cattle.

    “The issue today is the same as it has been throughout all history, whether man shall be allowed to govern himself or be ruled by a small elite.” Thomas Jefferson.

  4. Tom T. says:

    Well said, Bruce. This puts us in a very vulnerable strategic position and allows China to capture the wealth capitalism has created through technology and investment transfers.

    Our current politicians have to be the worst class of politicians and they seem to continue to be in their own dream world.

    Tom T.

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