Browsing Tag

High-level delegation

News Of Economy

Bush to China: Eat ‘U.S. Beef’

April 19, 2012

At the end of the high-level economic talks between Chinese and U.S. officials, the one thing that bothered President Bush most was the ‘beef’. After a meeting with visiting Chinese Vice Premier Wu Yi, Bush said that he was really disappointed that China was unwilling to concede on the issue of importing U.S. beef. China had stopped importing beef from U.S.A. in 2003, when mad cow disease had initially surfaced. Bush told reporters yesterday: One area where I have been disappointed is beef. They need to be eating U.S. beef. It’s good for them. They’ll like it. President Bush met Wu and her host, Treasury Secretary Henry Paulson, after two days of economic talks that failed to produce any significant developments on the issues that dominate the two countries’ trade. After the meeting, Bush told a senior Chinese economic minister that the United States is closely watching Chinese stance on the need to appreciate its currency. Bush told reporters that the U.S. values relationship with China but there was an urgent need to address the growing trade deficit between the two countries. He suggested an appreciated Yuan as a measure to address the record $233 billion trade deficit. Wu Yi, was leading the largest ever high-level delegation to the States and her two days talks have mostly focused on the value of Chinese currency, which many lawmakers believe is undervalued to the extent of 40 per cent of its actual value. This gives China an unfair price advantage in the international trade. Democrats in the U.S. are even mulling a legislation to punish Beijing for driving trade deficits and costing the United States thousands of manufacturing jobs. Chinese side, on the other hand, has rejected the U.S. demands to strengthen Yuan and has asked Congress to refrain from using ‘non-economic’ means to solve differences. Both, Wu and Paulson, have described the strategic economic talks between the countries as positive. Even though the diplomatic parleys between the delegates have failed to produce any major breakthroughs, they have managed to apprise both sides of each other’s areas of concern. Chinese business delegation managed to net contracts worth more than $32 billion, during a visit to 24 U.S. states. In turn, China agreed to a slight expansion in business opportunities for American companies. The two nations also agreed to increase the air traffic between them by 2012. Image Source