Romney Campaign Press Release - The Obama Record: Protecting China's Pride Over American Workers

The Obama Record: Protecting China's Pride Over American Workers

"President Obama should be less concerned with embarrassing those who steal our jobs, and more concerned with standing up for American workers and businesses. China continues to cheat without consequence as Americans in Ohio and across the country lose their jobs — that's the real embarrassment. For four years, we've seen the results of President Obama's failure to stand up to China. Mitt Romney will do it on day one of his presidency." — Ryan Williams, Romney Campaign Spokesman

In An Interview, President Obama Claimed He Wouldn't Declare China A Currency Manipulator Because Doing So Would "Embarrass" China:

President Obama Said He Wouldn't Declare China A Currency Manipulator Because He Didn't Want To "Go Out Of Our Way To Embarrass" China. "President Barack Obama, addressing questions Wednesday about China's alleged trade abuses and currency manipulation, said the United States must push back against unfair practices but not 'go out of our way to embarrass' the country." (Henry J. Gomez, "President Barack Obama Warns Against Embarrassing China On Trade Complaints: Plain Dealer Interview," The Cleveland Plain Dealer, 9/27/12)

But Candidate Obama Repeatedly Promised To Take China "To The Mat" Over Currency Manipulation:

Candidate Obama, In 2007: "If They're Manipulating Their Currency ... We Take Them To The Mat..." OBAMA: "China is a competitor, but they don't have an enemy, as long as we understand that they are going to be negotiating aggressively for their advantage, and we've got to have a president in the White House who's negotiating to make sure that we're looking after American workers. That means enforcing our trade agreements; it means that if they're manipulating their currency, that we take them to the mat on the that issue..." (Senator Barack Obama, Remarks, Chicago, IL, 8/7/07)

Candidate Obama, On China's Currency Manipulation In 2008: "It's Not Right, And It's Going To Undermine Our Economic Condition Over The Long Term." "This was Obama campaigning in Malvern, Pa., on Wednesday: 'If they're devaluing their currency to make their goods cheaper and our goods more expensive and we're not challenging them, if they're stealing our intellectual property, our copyrights and we don't say anything about it, we don't take them before the World Trade Organization, if they're dumping cheap steel and cheap goods into this country because they're subsidized by the Chinese government and we're not challenging them, that's just not fair. It's not right, and it's going to undermine our economic condition over the long term.'" (Craig Gilbert, "Candidates Berate China," Milwaukee Journal Sentinel, 4/13/08)

And President Obama's Failure To Declare China A Currency Manipulator Has Cost Jobs And Has Been Blasted By The President's Fellow Democrats:

Under President Obama, The United States Treasury Department Has Refused To Label China As A Currency Manipulator Seven Times. (Don Lee, "U.S. Declines To Label China A Currency Manipulator," Los Angeles Times, 5/25/12; Pedro Nicolaci da Costa, "U.S. Again Says China Not Currency Manipulator," Reuters, 12/28/11; Gregg Robb, "Treasury Says China Isn't A Currency Manipulator," Market Watch, 5/27/11; Sewell Chan, "China's Currency Avoids "Manipulated" Ruling Again," NYT, 2/04/11; Gregg Robb, "Treasury Does Not Cite China As Currency Manipulator," Market Watch, 7/8/10; Martin Crutsinger, "Administration Declines To Cite China On Currency Manipulation," USA Today, 10/15/09; Glenn Somerville and Doug Palmer, "U.S. Again Declines To Brand China Currency Manipulator,"Reuters, 4/15/09)

• The Washington Post: "China's Policy Has Probably Cost Americans Hundreds Of Thousands Of Jobs And Contributed To China's Destabilizing Pile Of Trillions Of Dollars In Reserves." "China's undervalued renminbi is a long-standing, bipartisan concern, and it is not a phony one: In pursuit of growth led by exports, China has held the renminbi down in relation to the dollar, rendering its goods artificially cheap in the U.S. market. The renminbi would gain about 20 percent against the dollar if it were allowed to float freely like other currencies, according to the Peterson Institute for International Economics. China's policy has probably cost Americans hundreds of thousands of jobs and contributed to China's destabilizing pile of trillions of dollars in reserves."(Editorial, "Breaking China?," The Washington Post, 8/31/11)

China Has Recently Allowed Its Currency To Weaken Against The Dollar To Help Chinese Exports. "China's currency dropped further in May against the dollar than in any other month since the Chinese government began allowing the renminbi to appreciate gradually in the summer of 2005. The shift could help Chinese exports but worsen trade friction with Europe and particularly the United States." (Keith Bradsher, "China Lets Currency Weaken, Risking New Trade Tensions," The New York Times, 5/31/12)

Senator Sherrod Brown: "The U.S. Treasury Department Has Given China A Free Pass When It Comes To Its Currency Manipulation." "'Once again, the U.S. Treasury Department has given China a free pass when it comes to its currency manipulation,' Brown said. 'While we're seeing American manufacturing rebound, China is stepping up its efforts in a number of critical sectors, including clean and solar energy, advanced manufacturing, and auto parts.'" (Senator Sherrod Brown, "Treasury Giving China A 'Free Pass' On Currency Manipulation," Press Release, 5/25/12)

Senator Charles Schumer: "The Administration Continues To Let China Get Away With Flouting Trade Rules Just For The Sake Of Diplomacy." "Sen. Charles Schumer (D-N.Y.), who has been sponsored legislation that would punish Chinese imports for the undervalued currency, also criticized the administration's report. 'The administration continues to let China get away with flouting trade rules just for the sake of diplomacy. Calling out China as a manipulator may be awkward, but it is time to take off the kid glove,' he said in a statement.'" (Julian Pecquet, "Treasury: China Not Manipulating Currency," The Hill', 5/25/12)

Senator Bob Casey: "When China Cheats On Currency, We Lose Lots Of Jobs. And Not Just Tens Of Thousands, We Lose Hundreds Of Thousands, If Not A Lot More." CASEY: "And one of the substantial factors in that has been the Chinese currency, their policies, because when China cheats on currency, we lose lots of jobs. And not just tens of thousands, we lose hundreds of thousands, if not a lot more. So when they -- when they don't play by the rules, our workers pay the price and our communities pay the price." (Senator Bob Casey, Press Conference, U.S. Senate, 9/22/11)