In economic remarks, Romney goes after China
October 13th, 2011
09:31 PM ET
11 years ago

In economic remarks, Romney goes after China

(CNN) - Mitt Romney had tough words Thursday for China, calling the world’s second-largest economy a "cheater" for manipulating its currency.

Speaking to a crowd of software developers at Microsoft headquarters in Redmond, Washington, Romney proposed a tougher U.S.-China economic policy, saying that President Barack Obama hasn’t been strong enough in asserting America’s economic interests.

“China has learned the extraordinary effect of cheating, and it has had a very positive effect on China and a very negative effect on us,” Romney said.

He cited reports of Chinese hacking and intellectual property theft as examples of how China is corrupting the global economic system.

Romney said tougher policies, such as enacting higher duties on Chinese goods, would counterbalance what he called currency manipulation.

"On Day One of my administration, I would designate China as a currency manipulator," Romney said.

"I would apply countervailing duties on Chinese goods where they have stolen intellectual property or where their currency manipulation is killing American businesses and jobs unfairly," he continued.

Romney said the U.S. is currently enduring a “trade surrender” with China, and that the actions he proposes are needed to prevent the spread of China’s tactics to emerging economies such as Brazil or Indonesia.

Romney described legislation attempting to stop Chinese currency manipulation - currently pending in the House of Representatives - as “political theater.”

“We don't need new legislation. We need a new president,” Romney said to applause. “If I'm the new president, I will not participate in any form of deception. I will go to work to make sure that free trade works, that it's power and benefit is for all people on both sides of the ocean, because we can compete with anyone in the world.”

Filed under: 2012 • China • Mitt Romney
soundoff (12 Responses)
  1. Guest

    I have to say the more I see on Mitt Romneys proposals it makes more sense. There are some things that I don't agree with him on but this thing with China I'm with him 100%.

    October 13, 2011 09:46 pm at 9:46 pm |
  2. Wise Indie

    We need Mitt Romney for President in 2012!

    October 13, 2011 10:21 pm at 10:21 pm |
  3. Larry L

    How many of those "job creators" shipped our jobs off to China? How many were Republicans?

    October 13, 2011 11:11 pm at 11:11 pm |
  4. portland tony

    China assembles products from parts made all over the world. So they add very little to the price of say an Ipad etc...only roughly 10% to the cost. So now the GOP wants to put an import tax on your Apple product and by doing so hurting an American company by making its products more expensive. Jobs?

    October 14, 2011 12:07 am at 12:07 am |
  5. If I had a penny for every stupid Republican

    Don't blame China, blame the American countries that are doing business with China. Blame the US Congress for not making it more difficult to do business in China. Romney is a flip-flopper extraordinaire. He can't be trusted given his past history.

    October 14, 2011 01:05 am at 1:05 am |
  6. Rick McDaniel

    We have to stop the erosion of America, due to China's unlevel playing field, in manufacturing. There is no way around it.

    October 14, 2011 01:28 am at 1:28 am |
  7. larry

    Yeah sure, after you've made millions off there cheap labor. Its now time to get them in check.

    October 14, 2011 06:02 am at 6:02 am |
  8. Donkey Party

    "Will not participate in deception" he claims. Really??? Let's start first with you name Mitt, I mean Willard.

    October 14, 2011 08:33 am at 8:33 am |
  9. Micah

    Larry – Does it matter how many job creators were Republicans? I would assume most are Republicans because most job creators are conservative. A job creator has to make a profit in order grow the business. In a free market he or she will go to the friendliest business envirement they can. If you have a beef, it should be with the our clueless government that does not understand this. Oboma needs to go. He has been a cancer to this country.

    Romney/Cain 2012!

    October 14, 2011 09:03 am at 9:03 am |
  10. Lynda/Minnesota

    While at Bain, Romney had himself made millions of dollars in profit by shipping jobs to China ... now all of a sudden it's CHINA'S fault our American Corporations outsourced jobs to China? Where's Romney's plan to bring these jobs back to America, once and for all? Starting a trade war isn't going to "fix" it, Mitt. Sorry.

    October 14, 2011 09:13 am at 9:13 am |
  11. a in austin

    Isn't this why jobs were shipped to China? Companies wanting more profit?

    October 14, 2011 09:21 am at 9:21 am |
  12. portland tony

    Speaking of cheap labor.....China isn't the only country with cheap labor. There are plenty of countries that are politically stable and offer skilled labor at a fraction of the US 's minimum wage: Vietnam, India, Mexico and so on...So we start a trade war with China ....Big business will just move their plants somewhere else. Don't worry though, your children's children will be able to assemble stuff! By that time all the world 's workers will be asking for the same wage and benefits.

    October 14, 2011 09:43 am at 9:43 am |