Trade deals in China
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Trade deals in China
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SCOTT JAGOW: Let’s say trade between the U.S. and China is a seesaw. China is the big kid weighing down one side. The U.S. is on the other end trying with all its might to balance things out. This year, China will export about $228 billion more in goods to U.S. than the U.S. sends to China. Today in Beijing, U.S. Commerce Secretary Carlos Gutierrez went to work trying to level the seesaw. More now from Hillary Wicai.
HILLARY WICAI: Gutierrez spent the first part of the trip watching Motorola sign a deal to ship more than $1.5 billion worth of mobile phones to China.
From there he presided at a ceremony where 20 Century Fox’s home entertainment division announced plans to distribute moderately priced DVDs, an attempt to lure Chinese consumers away from cheap counterfeits.
Kimberly Elliott is with the Peterson Institute for International Economics. She says exports to China are up, but not enough, and trips like this are meant to buy time.
KIMBERLY ELLIOTT:“Partly they are symbolic, to show that in fact US exports to China are increasing, that the U.S. can successfully export. The second frankly is that you are helping out some of your buddies in the corporate community.”
But time may not be on the Administration’s side. The trade deficit to China is projected to rise another 12% to $228 billion this year and Democrats are expected to put more pressure on the Bush administration.
In Washington, I’m Hillary Wicai for Marketplace.
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