US running out of patience over China’s ballooning trade surplus- Richard McGregor

From the Financial Times (link)

The US administration yesterday said it was heading for a confrontation with China over bilateral economic relations if Beijing did not move immediately to open its markets to US imports.

In a harsh speech delivered just a month ahead of a visit to Washington by Hu Jintao, the Chinese president, Carlos Gutierrez, commerce secretary, said the US had almost run out of patience waiting for China to take significant steps to reduce its ballooning $200bn (€166bn, £115bn) trade surplus with the US.

His remarks came just hours after Wen Jiabao, the Chinese premier, ruled out any further sharp adjustments in the value of the renminbi, scotching hopes of a substantial revaluation ahead of Mr Hu’s visit.

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