Trade with China
And now, protectionism
America’s latest anti-China bill tackles a problem already being solved
http://www.economist.com/node/21532288
The international economy on today‘s basis is in a terrible situation. Therefore the United States of America have released a Currency Exchange Rater Oversight Reform Act. This would allow a currency to be taged as a subsidy subject to certain duties. With this in mind, United States of America, consider a protective way of dealing with China.
In the U.S., the anti-China attitude has grown by a lot. The Senate is willing to raise trade barriers with China. Even though, a couple of years ago they have already done that with a couple of other countries; Colombia, South Korea and Panama.
The people of the U.S. seem to be against any free trade, as the middle-class American manufacturing jobs are at a decline. This is due to improvement of productivity, which means that less Americans are employed to fulfill jobs as less people are needed. Another factor is also the imported goods from China which are often cheaper.
I believe that the United States of America are dealing with this problem in their very own way. They want to save their own economy by acting in a protective way against other nations. This does not mean that they do not want any other trade imports or whatsoever but the decline of the average jobs for middle class American is slowly declining. Cheap imported goods from China are a factor to this. Since China can be considered as another super-power the U.S. is especially paying attention to China and try to limit the country in many ways, for example; setting up higer trade tariffs.
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Vocabulary
Word 1: contradictory
“It may seem contradictory that the Senate is threatening to raise barriers to trade with China.“
contradictory: mutually opposed or inconsisten. First known use: Mid. 17th century, from contradictorius, meaning “spoken against“
Many teachers are contradictory to the dates of tests and assignments.
Word 2: economy
“The global economy is sicker than a man with a bellyful of bad oysters.“
economy: careful management of resources. First known use: Late 15th century, from oikonomia, meaning “household management“„
Many students do care about the economy.
Word 3: currency
“Yet on October 11th America’s Senate passed the Currency Exchange Rate Oversight Reform Act, which would allow any “fundamentally misaligned” currency to be labelled a subsidy subject to countervailing duties.“
currency: a system of money. First known use: 20th century
The currency for students at school is food.
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