U.S. Trade Representative Susan Schwab said a law proposed by senators to restrict Chinese imports may not be the “silver bullet” that will save American jobs and narrow the nation’s trade deficit.
“I don’t think that legislation would necessarily create a single job or add one more dollar to U.S. exports,” Schwab said in an interview in Beijing today. The top U.S. trade negotiator, visiting China for the first time since taking office in June, wants the Chinese government to help revive global free-trade talks.
Faced with mid-term elections, U.S. lawmakers are pressing China to let the yuan strengthen, saying an artificially weak currency gives Chinese goods an unfair competitive advantage. Schwab said wider opening of China’s financial services, express delivery, telecommunications and logistics markets could make a “huge difference in the flow of trade.”[Full Text]