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Geithner on China: Imbalance hurts workers
WASHINGTON, (UPI) -- Treasury Secretary Timothy Geithner told members of the Senate Finance Committee China should provide "a level playing field" for U.S. workers.
"We want China to provide a level playing field for the products of American workers and investments by American companies," Geithner said.
He said President Barack Obama was "committed" to the goal of improving the imbalance that currently puts China in the role of low-cost manufacturer for the United States at the expense of profits that could go to U.S. companies and jobs for U.S. workers.
Geithner said "some progress" was being made.
"U.S. exports to China are growing much more rapidly than exports to the rest of the world," he said.
Exports to China are up 20 percent from before the financial crisis hit, he said.
In April, the Bureau of Economic Analysis said, the trade deficit with China improved sharply, dropping to $16.9 billion from $19.3 billion in March.
"This is good for American business and good for American jobs," he said.
WASHINGTON, (UPI) -- Treasury Secretary Timothy Geithner told members of the Senate Finance Committee China should provide "a level playing field" for U.S. workers.
"We want China to provide a level playing field for the products of American workers and investments by American companies," Geithner said.
He said President Barack Obama was "committed" to the goal of improving the imbalance that currently puts China in the role of low-cost manufacturer for the United States at the expense of profits that could go to U.S. companies and jobs for U.S. workers.
Geithner said "some progress" was being made.
"U.S. exports to China are growing much more rapidly than exports to the rest of the world," he said.
Exports to China are up 20 percent from before the financial crisis hit, he said.
In April, the Bureau of Economic Analysis said, the trade deficit with China improved sharply, dropping to $16.9 billion from $19.3 billion in March.
"This is good for American business and good for American jobs," he said.
