US, China Relations at a Pivotal Point
The US government's huge budget deficit has been exposed as China continues to express strong concern over bloating economy of the Americans.
But despite the economic differences, both governments have meet in the middle as they pressure North Korea to abandon its alleged nuclear program.
A new report showed the big difference between the economies of China and the US as both government engaged in a two-day high-level discussion on how the American’s bloating economy can overcome the huge budget deficit it owed to the Chinese.
But despite worsening economic relations between the two countries, both has agreed on the area of foreign policy as they pressure North Korea to drop reported nuclear program.
President Barack Obama, through Secretary of State Hilary Clinton, said on Sunday that the US government has received a positive reply from the Chinese government on its stand against North Korea’s nuclear program. The dialogues between the two superpowers have started in 2006, which aimed mainly on the foreign policy of the governments on the embargoed nation.
Meanwhile, on the issue of economic deficit of US over China, the Obama administration is now working on ways to ease the tensions caused by the huge trade deficit with the Chinese government, which have earlier expressed dismay of the soaring budget deficits of the states.
But US manufacturers put the blame to China for the huge deficit, saying that the value of China’s currency has lead to weaker sales and jobless on part of the Americans. Former Treasury Secretary Henry Paulson, in 2006, urged China to increase value of its yuan to allow them to buy US goods at a cheaper price.
China after increasing the value of the yuan, expressed fear that exports maybe affect as higher yuan means lower US dollar spending.
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