share

Obama Presents Idea to Cooperate with Asia

By Oswaldo B. Campos-Torres
November 14, 2011 - 6:27 pm
Proposal would help the U.S. economy by exporting goods

President Barack Obama ended his trip this weekend Asia-Pacific Economic Cooperation.

The United States was fed up with China’s trade and currency practices as he turned up the heat on American’s biggest economic rival.

“Enough is enough,” said Obama at a closing news conference of the Asia-Pacific Economic Cooperation where he pushed to create a pan-Pacific free trade zone and promote green technologies.

Obama addressed reporters early Sunday evening, touting progress on several fronts in the Hawaii talk with leaders of 18 other nations and representatives from two others. Specifically, he referenced steps to increase trade, spur innovation, promote “green growth” and ease barriers to travel and interactions, reports CNN.

In a private meeting with Obama, Chinese President Hu Jintao said his nation was revaluating the yuan and moving gradually toward a more market-based currency policy, reports the LA Times. But Obama said China’s economic practices put the U.S. at disadvantage.

Effects on the world 

Obama told Hu the change are coming swiftly enough and that China needs to pick up the pace.

After a decade of fighting in Afghanistan and eight years in Iraq, the U.S. wants to shore up its alliances with nations jittery about China’s rise.

“No region will do more to shape our long-term economic future than the Asian-Pacific region,” said Obama at a news conference on Sunday.

Obama said China was keeping its currency value artificially low, hurting American companies and jobs. He said China, which often presents itself as a developing country, is not “grown up” and should act that way in global economic affairs.

‘We’re going to continue to be firm that China operate by the same rule as everyone else,“ said Obama after the 21-nation APEC. “We don’t want them taking advantage of the United States,” reports SNBC.

The members of APEC, which accounts for more than half of the world’s economic output, said they had agreed on ways to counter the significant downside risks to the world economy. 

Photo by Barack Obama.

Post new comment

* Field must be completed for your comment to appear on The NewsHouse
The content of this field is kept private and will not be shown publicly.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.