While Mitt Romney campaigns on "getting tough" with China, the firm he founded nearly 30 years ago, Bain Capital, was a key player in the acceleration of the outsourcing trend that has shifted millions of American jobs overseas, the Washington Post reported Friday, citing its analysis of the financial company's securities filings with the government.
The Romney campaign issued a statement denouncing the story.
"This is a fundamentally flawed story that does not differentiate between domestic outsourcing versus offshoring nor versus work done overseas to support U.S. exports," said Andrea Saul, spokeswoman for the Romney campaign, adding that if Romney wins the White House, "he will implement policies that make it easier and more attractive for companies to create jobs here at home."
Neither the White House nor Mitt Romney believe the U.S. Olympic Team’s “Made-in-China” uniforms need to be replaced with American-made apparel ahead of the London Games later this month...
"I’m not going to get into the uniform issue. There are big issues associated with the Olympics: the security of the games, the readiness of our athletes and that’s what I’m going to focus on, hopefully when I get to cheer on the people who are going to be supporting and representing our country."
Romney says he would label China a "currency manipulator" on his first day in office — though it's not clear he could make that official declaration on his first day, since it would need to come from the Treasury Department. And even then, the label would not necessarily carry dramatic consequences.
Have the Department of the Treasury in a Romney administration designate China a currency manipulator and have the Department of Commerce impose countervailing duties.
End US government procurement of Chinese goods until China agrees to the WTO’s Government Procurement Agreement
Improve enforcement at the border to ensure that counterfit goods are not brought into the US from China
Protect and pursue legal rights by having the Office of the United States Trade Representative pursue all significant claims of unfair trade practices, and have a more active role in encouraging private firms that have been victimized to raise claims both in U.S. courts and at the WTO.
Impose targetted tarrifs or sanctions on Chinese firms or industries that rely on unfair practices or misappropriated American technology for their competitive advantage.
"I've talked to Romney about this ... He's for immediately changing our trade policy to access the 95 percent of consumers that live outside of our borders by being aggressive on trade openings. He'd get trade promotion authority from Congress and then begin serious negotiations to open up markets."
...Romney would balance his push for more free trade agreements with a tough trade enforcement agenda, focusing especially on China, [Senator Rob] Portman said.
He defended Romney's pledge to crack down on China's currency practices by quickly declaring them a currency manipulator, even though that worries some business groups who fear it would provoke Beijing to retaliate.
We must also maintain military forces commensurate to the long-term challenge posed by China's build-up. For more than a decade now we have witnessed double-digit increases in China's officially reported military spending...
To preserve our military presence in Asia, I am determined to reverse the Obama administration's defense cuts and maintain a strong military presence in the Pacific.
"We have much to gain from close relations with a China that is prosperous and free," Romney wrote. "But we should not fail to recognize that a China that is a prosperous tyranny will increasingly pose problems for us, for its neighbors, and for the entire world."
"While I am prepared to work with Chinese leaders to ensure that our countries both benefit from trade, I will not continue an economic relationship that rewards China's cheating and penalizes American companies and workers."
A nation that represses its own people cannot be a trusted partner in an international system based on economic and political freedom. While it is obvious that any lasting democratic reform in China cannot be imposed from the outside, it is equally obvious that the Chinese people currently do not yet enjoy the requisite civil and political rights to turn internal dissent into effective reform. The United States has an important role to play in encouraging the evolution of China toward a more politically open and democratic order.
Republican presidential hopeful Mitt Romney had some harsh words for China in his 59-point jobs plan Tuesday.
Calling the country a "cheater," Romney promised to impose a variety of trade restrictions if China doesn't comply with intellectual property laws and allow its currency to float freely in foreign exchange markets.