Monday, October 17, 2005

It's a Snow Storm

U.S. Treasury Secretary had positive comments on China's reform after meeting with China's leaders this weekend. He talked about how "real" this reform seems. Mr. Snow probably came out and positively spoke about this because Good Ol' Mr. Chuck Schumer is probably barking about China's slow progress to revalue the yuan. Schumer had previously promoted his Schumer-Graham bill, which would raise tariffs on Chinese imports by 27.5%!!! The senators are, for lack of a better word, pissed at China. Obviously Snow and Greenspan oppose this bill because if this bill passed, Wal-Mart shoppers will suffer, inflation would immediately rise, and China who has been a big buyer of Treasuries will retaliate. I wrote about Schumer's bill several months ago for RW Wentworth. There's alot more to this story than Snow just coming out to say that this reform is happening. Another problem that congress finds upsetting is the lack of intellectual property laws in China. There's really too much going on for me to comment here. You can read my article on the following link.

Heated Relations Between U.S. and China


Post a Comment

<< Home