Washingtonhas beenpushingBeijingto letthe yuan rise against thedollarandothercurrencies, in order, among other things, to helpreducethe U. S.tradedeficit.
"We are the party that increasingly represents the mainstream view in Britain, which is let's trade with Europe, let's be friendly with Europe but for goodness sake let's govern our own country".
What happened was, is a group, a subset of APEC countries came together and said let's see if we can create a high-standard agreement that is dealing with tariffs and non-tariff barriers to trade, but let's also incorporate a whole range of new trade issues that are going to be coming up in the future -- innovation, regulatory convergence, how we're thinking about the Internet and intellectual property.
And this trade and currency and inequality is also generating a lot of China's growth, which even China concedes is too fast to control, so the U.S. can say now, let your currency become a little stronger, lower your protectionist trade barriers, and then let U.S. products compete in the Chinese marketplace.