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Op-ed
Taxing China's Assets: How to Increase US Employment Without Launching a Trade War
by Joseph E. Gagnon, Peterson Institute for International Economics
and Gary Clyde Hufbauer, Peterson Institute for International Economics
Op-ed in Foreign Affairs
April 25, 2011
© Foreign Affairs
For much of the past decade, the United States has begged, pleaded, and threatened China to change its disruptive currency practices, which artificially make Chinese exports cheap and foreign goods sold in China expensive.
Today, in the midst of prolonged economic weakness, with the US trade deficit rising and unemployment persistently high—and Chinese-owned US debt probably exceeding $2 trillion—legislative pressure is again growing to raise trade barriers against Chinese goods. Since June 2010, China has allowed its currency, the renminbi, to rise nearly 5 percent against the dollar. But there has been no slowdown in its manipulative purchases of US assets, implying that the renminbi remains deeply undervalued.
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RELATED LINKS
Op-ed: For a Serious Impact, Tax Chinese Assets in the United States October 13, 2011
Working Paper 12-19: The Renminbi Bloc Is Here: Asia Down, Rest of the World to Go? October 2012
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Book: Sustaining China's Economic Growth after the Global Financial Crisis January 2012
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Op-ed: Why the World Needs Three Global Currencies February 15, 2011
Policy Brief 10-26: Currency Wars? November 2010
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Congressional Testimony: China's Exchange Rate Policy and Trade Imbalances April 22, 2010
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Policy Brief 10-7: The Sustainability of China's Recovery from the Global Recession March 2010
Congressional Testimony: Correcting the Chinese Exchange Rate: An Action Plan March 24, 2010
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Book: China's Rise: Challenges and Opportunities (hardcover) September 2008
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Speech: Is China a Currency “Manipulator”? January 28, 2009
Congressional Testimony: China's Role in the Origins of and Response to the Global Recession February 17, 2009
Book: US-China Trade Disputes: Rising Tide, Rising Stakes August 2006
Book: Debating China's Exchange Rate Policy April 2008
Congressional Testimony: A Muscular Multilateralism to Engage China on Trade September 21, 2011
Peterson Perspective: Legislation to Sanction China: Will It Work? October 7, 2011
Book: The Future of China's Exchange Rate Policy July 2009
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