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Romney would demand Chinese currency adjustment

Romney would demand Chinese currency adjustment

in addition to accusing china of keeping its currency artificially low, which makes it easier for china to sell its products abroad, romney also accused NORTH LAS VEGAS, Nevada (AP) _ Republican presidential hopeful Mitt Romney, displaced as front-runner by rival Rick Perry, proposed punishing China over its currency practices as part of a wide-ranging plan to create jobs.
The weak U.S. economy is expected to dominate next year's presidential race, in which Barack Obama is seeking a second term. Romney is trying to position himself as the Republican with the most comprehensive approach to job growth.
In addition to punishing China, Romney proposed cutting regulations and taxes on companies and weakening the clout of unions. He also called for extracting more U.S. oil, coal and natural gas, expanding trade pacts and slashing federal spending.
Romney, a former Massachusetts governor, had been considered the front-runner among Republicans until Perry, the Texas governor, entered the race last month. Perry has wide appeal to core Republican constituencies, including social conservatives and small-government tea party members. Some Republicans are skeptical of Romney's conservative credentials, particularly because, as governor, he won approval for a state health insurance plan that is similar to the national plan that Obama pushed through Congress over Republican objections.
The jobs plan, unveiled in economically suffering Nevada, is Romney's first major policy statement since he announced his candidacy in June. It came one day before a debate with Perry and other Republican candidates, and two days ahead of a high-profile Obama speech on jobs before a joint session of Congress.
Texas has gained many thousands of jobs during Perry's decade as governor, pressuring Romney and the other contenders to convince Republican voters they can do a better job of attacking unemployment.
Many of Romney's proposals are not new, although they could cause fierce debates in Congress if pursued. He would seek a balanced budget amendment to the Constitution, cut non-security discretionary spending by 5 percent, and undo Obama's health care overhaul.
Romney's campaign predicted that his overall plan would lead to 4 percent annual growth in the U.S. economy, and create 11.5 million new jobs over four years. The campaign did not provide details of how it reached those projections, which are certain to be challenged by Democrats, independent groups and perhaps his Republican rivals.
Democrats called Romney's plan wrong-headed and doomed to fail. Taxes already are near historic lows, they noted, and many employers say weak consumer demand is more troubling than taxes or regulation.
Winning congressional approval for such proposals could prove difficult even if Republicans keep their House majority in the 2012 elections and take over the Senate.
In addition to accusing China of keeping its currency artificially low, which makes it easier for China to sell its products abroad, Romney also accused China of stealing intellectual property, a common complaint among U.S. creators of technology, entertainment media and other products.
He proposed a "Reagan Economic Zone," which would be a coalition of nations that respect intellectual property rights and seek expanded trade with each other. And he vowed to push stalled trade pacts with Colombia, Panama and South Korea.


Updated : 2021-04-19 05:54 GMT+08:00