Monitoring needed to stop China’s unfair trade practices

In a letter sent to the National Council of Textile Organizations in October 2008, presidential candidate Barack Obama signaled his preference for change in American policy toward Chinese trade practices. “The massive current account surpluses accumulated by China are directly related to its manipulation of its currency value,” said Obama. “A fair trading system requires fairness in each country’s foreign exchange practices.” Treasury Secretary Tim Geithner reinforced now President Obama’s message in a January statement about trade with China; China’s currency manipulation is in part responsible for increasing exports and restricting imports, helping to create the huge trade imbalance between the U.S. and China. President Obama also wants to monitor textile and apparel imports from China and increase enforcement against unfair trade practices.