Paulson warns against US protectionism on China
2 March 2007
US Treasury Secretary Henry Paulson said Thursday that Washington remains "dissatisfied" with China's currency policies and warned that some politicians are moving towards protectionism, AFP reported. Speaking at the Economic Club of Washington, Paulson argued that free trade was one of the cornerstones of America's economic success and that "retreating to economic isolation would mean fewer jobs, lower incomes, and lower standards of living". He said Washington was working with Beijing to address trade imbalances, China having accounted for 28% of the record US$736.6 billion US trade deficit in 2006. "We expect that as China moves forward with its economic reforms, increasingly opening its economy to competition, this will benefit both of our nations," he stressed.
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