Obama, Hu Discuss Trade Imbalances in Call

Presidents Obama and Hu held their first phone conversation to discuss the economic crisis. From Reuters:

The Chinese news agency Xinhua said Hu told Obama that China firmly opposed trade or investment protectionism as part of settling the crisis and said Beijing would join Washington in promoting stable development at an economic summit in London in April.

Hu acknowledged U.S. efforts to address the world economic crisis and said the two countries should strengthen cooperation, Xinhua said.

The White House statement said the presidents agreed that increased close cooperation was vital.

“President Obama stressed the need to correct global trade imbalances as well as to stimulate global growth and get credit markets flowing,” it said. The United States runs a huge trade deficit with China.

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