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Currency wars: Fumbling towards a truce
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The Economist's view is that trade and currency tensions are too high to result in an accord along the lines of the 1985 Plaza Accord. There may be a general underestimation of how strongly the American public feels about trade and jobs issues, and the currency issues that are intertwined with trade issues. This includes the Economist. See the 2010 survey of American public opinion (Murray, Belkin, WSJ, Oct 2, 2010, Americans Sour on Trade), which shows that better educated and higher income professionals are also shifting to firm opinions on trade that impacts jobs in the U.S. Also see Roubini's recent analysis (interview with Peter Stein, WSJ, 10/2/2010, Yen Revaluation for China's Own Sake), on why it is imperative in China's own interest to move forward with a currency revaluation. Economist Robert Gordon of Northwestern University (Peter Coy, Business Week, 9/30/2010, Why One Economist Predicts Slow US Economic Growth), recently pointed out that his models show a significant slowing down of the U.S. economy over the next two decades, the slowest growth since the Presidency of George Washington. This means growth slowing down to 1.5% in the period 2007-2027, from 1.93% in the prior three decades, which he says leaves less money for everything from tackling carbon emissions to infrastructure needs.
American public opinion on China, jobs and U.S.-China trade.
09/25/2010
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Expert opinion on the appreciation of the yuan.
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One view from Yale University is that an appreciation of China's currency will not have alarge impact on American jobs, which is the opposite of what is generally thought.
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The Long View of Changes in Chinaâs Currency
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An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
China's Dangerous Overvaluation
Wall Street Journal 02/26/2014
U.S. and China- Trade Wars.
12/30/2009
American action against products from China that are dumped on the U.S. market. The unervalued Chinese currency and subsidized exports.
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Wall Street Journal 10/04/2011
Economist 03/31/2010
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An Accord (and Lessons) to Remember
Wall Street Journal 09/21/2010
US-China trade relations: Speak less softly, carry a stick
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