Political fears of China's economic might intensified yesterday following China's unsolicited bid to take over a U.S. oil company, with lawmakers from both political parties warning that Congress will take retaliatory action against Chinese trade practices if the Bush administration fails to respond.
Under a barrage of questions, Federal Reserve Chairman Alan Greenspan and Treasury Secretary John W. Snow warned the Senate Finance Committee against punitive legislation that could trigger a trade war and ultimately harm the U.S. economy.
"Resorting to isolationist trade policies would be ineffective, disruptive to markets and damaging to America's special role as the world's leading advocate for open markets," Snow said.
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