U.S., China To Hold Economic Talks at Naval Academy
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — America and China will hold the fourth round of high-level economic talks on June 17-18 in Annapolis, Md.
The Treasury Department announced yesterday that the discussions will take place at the U.S. Naval Academy.
The American delegation will be led by Treasury Secretary Henry Paulson, who has used previous sessions to press the Chinese to move more quickly to allow their currency to rise in value against the dollar.
American manufacturers have complained that the Chinese currency is undervalued by as much as 40%, giving Chinese producers a huge price advantage against American companies.
Last month, the administration declined to cite China for manipulating its currency to gain unfair trade advantages in a report to Congress. The administration determined that China did not meet the technical requirements for currency manipulation although it stated that Beijing needed to address what it called the “substantial undervaluation” of the Chinese yuan.
