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GENEVA, March 24 (Xinhua) -- A senior World Trade
Organization (WTO) official said here on Friday that China was not to blame for
the huge U.S. trade deficit and Washington could not solve this problem through
protectionism.
"Trade imbalance with China has given rise to certain proposed measures in the Congress, and clearly the U.S.
administration is watching that particular imbalance rather carefully," said
Clemens Boonekamp, director of the WTO's Trade Policy Review Division.
"But it's not bilateral imbalance that you need to
worry about,and to put it in more economic terms, the actual overall trade
imbalance, the current account imbalance, is a result of policies elsewhere,"
Boonekamp told reporters after the WTO's three-day policy review of the United
States.
Boonekamp reminded reporters that the U.S.
administration and the Congress were actually divided on the U.S.-China trade
deficit issue.
"I don't think the U.S. administration is actually
blaming China. There is, however, a lot of political pressure, political noise
particularly in the Congress that says China is to blame for this in some way or
another," he said.
The official said the current situation with China
was in some way a repeat of what happened with Japan in the early 1980s, except
that the U.S. was not taking the same kind of measures that it took very
quickly against Japan.
"The U.S. administration is certainly resisting
what's taking place in the Congress at the present moment," he noted.
According to the official, nearly all WTO members
expressed their concerns about the U.S. "twin-deficits" during the three-day
policy review meeting.
The WTO members also expressed worries that the U.S.
fiscal and trade imbalances might give rise to protectionist sentiments.
Asked whether he had given some direct
recommendations to the U.S. on the imbalances, Boonekamp said he had only
indirect suggestions: protectionism is not an answer.
"This clearly is a macroeconomic phenomenon, part of
the global trade imbalance phenomenon, and not a problem to be addressed by
trade protectionism," he stressed. Enditem |