Romney Blasts China on Unfair Trade Practices With U.S.
Speaking at Microsoft’s headquarters in Redmond, Wash., Republican presidential candidate Mitt Romney delivered a blistering speech accusing China of artificially controlling its currency against the dollar and stealing American inventions, The Associated Press reports.
“I want to make sure that people we trade with follow the rules and if someone consistently cheats, I want to make sure they understand that can’t go on,” he said.
Romney also repeated calls for a new free-trade zone among countries that respect intellectual property rights and called for broader punishments for China if they don’t allow their currency to appreciate in value.
The Chinese are “stealing . . . intellectual property, appropriating it at no cost, duplicating and selling it around the world,” he said. “There’s also hacking going on, where Chinese companies or even the government itself, perhaps, hacks into computers to steal technology.”
The mainstream GOP favorite later said if elected president he would label China a currency manipulator. He also called for American trade authorities to consider China’s currency policies as a subsidy on Chinese goods, which would allow the U.S. to put an equal subsidy on Chinese imports.
Romney also announced that Carlos Gutierrez – former commerce secretary under President George W. Bush – will become his top trade adviser.