There is a limited relationship between the yuan getting strong and the US trade deficit with China getting smaller.
Speaking in Tokyo at the annual meeting of the International Monetary Fund and the World Bank, he said there had been "some progress" in China's trade relationship with the US, but "domestic consumption still does not play a sufficient role in driving China's economy".
In 2001, two thirds of shoes imported to the US came from China, says the World Trade Organisation.
We are going to continue to insist that on this issue, and on all trade issues between us and China, that it's a two-way street.
Trade relations between the US and China have been under strain in recent years.
Again, contrary to popular "wisdom, " our China trade--in fact, all of our trade--is making us stronger.
Correspondents say the development could disgruntle China, whose trade advantage over the US has become a focus of Mr Obama's battle for re-election against Republican contender Mitt Romney.
Yes, bringing one in from China to sell in a US store adds, in the headline numbers, some hundreds of dollars to the trade deficit with China.
After years of carrot-and-stick games with trade terms, the US has finally granted China permanent status as a normal trading partner.
China grew rich from trade while having, unlike us, no war to prosecute.
The rivals also found plenty to agree on - declaring unequivocal support for Israel, voicing opposition to US military intervention in Syria, and insisting that China play by trade rules.
Moreover, as the yuan strengthens against the dollar, some Chinese and US multinationals manufacturing there could shift production to lower cost countries, meaning the overall trade deficit would not be changed, the US China Business Council said.
And it would do so without embroiling us in a bitter tit-for-tat trade war with China.
FORBES: Forget the WTO: The Rare Earths Solution Is Right Here at Home
The US Congress is expected to vote on whether to grant China Permanent Normal Trade Relations (PNTR) in the week of 22-26 May, and the vote in the House of Representatives is considered too close to call.
In other international news, Australian Prime Minister Julia Gillard confirmed in Shanghai on Monday that Australia and China will trade directly in their currencies rather than through the US dollar.
The US wants China to move towards a more consumer-led economy, narrowing the trade gap between the two countries.
Trade sensitive industries are doing well in the US as exports to China and Brazil have risen over the last few years.
FORBES: BRICS Summit 2011: Why Americans Shouldn't Fear this New "Superpower"
In 2009, the US lost its position as Brazil's biggest trading partner to China, but bilateral trade still runs to billions of dollars.
BBC: Brazil sees steady ties with US after Obama re-election
And the second part of the question, related, is when China got into the World Trade Organization, a matter that 15 of us in this body opposed, there were bilateral treaties.
WHITEHOUSE: President Obama Takes Questions from Senate Democrats
The investigation comes after a US intelligence report earlier this month accused China and Russia of using cyber-espionage to steal trade and technology secrets.
According to China's Foreign Minister Yang Jiechi, China's trade with Asian countries is now more than its trade with the US and Europe.
Such agreements allow central banks to swap currencies and can be used by firms to settle trade in local currencies rather than in US dollars, as happens now, since China's currency is not fully convertible to other currencies.
Such agreements not only allow central banks to swap currencies, but can also be used by firms to settle trade in local currencies rather than in US dollars, as happens now, since China's currency is not fully convertible to other currencies.
China controls our economy because we owe them so much money: It must be made clear that US debt to China has nothing to do with the federal government budget deficit and everything to do with the trade deficit.
Thanks to, among other things, the activities of the foreign trade lobby (which in the last year has worked harder than ever to persuade us that China was on the brink of collapse or at least was losing its mojo), China hardly figured in the 2012 presidential campaign.
FORBES: Three Reasons Why Hillary Will -- Unfortunately -- Never Be President
With the emergence of China and India as world economic powers, gas exports will likely provide the US with a major bargaining chip in trade talks.
The country has come under intense international pressure in recent years, with the US, EU and Mexico filing complaints with the WTO, arguing that China's price-inflating restrictions violate international trade agreements.
ENGADGET: WTO ruling revives debate over China's rare earths trade
"This is further evidence of re-balancing across the economy, with the latest UK trade figures showing record levels of exports going to countries outside the EU, such as the US and China, " he said.
应用推荐