Washington: Republican presidential nominee Mitt Romney has vowed to stop China's alleged "cheating" trade practices, a claim dismissed by the Obama campaign as a "paper tiger" on Chinese trade.
"I understand that when people cheat, that kills jobs. China has cheated. I will not allow that to continue," Romney thundered in his election campaign speech in Ohio.
"It is not over. I mean, how does a nation cheat? How do you pull that off? Let me tell you how you pull it off. One way is to artificially hold down the value of your currency, to make sure it doesn't trade openly around the world. What does that do? Well, let me tell you what it does. It makes your products artificially less expensive," he said.
"The estimates are that China has held down the value of its currency anywhere between 15 and 30 per cent, and so their products will be 15 to 30 per cent cheaper. Guess what that does to the American companies that are competing in those industries. They lose sales, and so they have to lay off people.
Ultimately they go out of business, and that's been happening. They've been manipulating, holding down the value of their currency," Romney alleged.
"What else do they do? They steal intellectual property. What do I mean by that? Patents, designs, know-how, even counterfeit our goods," he said.
"This cannot be allowed. We cannot compete with people who don't play fair, and I won't let that go on. I will stop it in its tracks," Romney said.
The Obama Campaign was quick to dismiss Romney's allegations against China.
"Mitt Romney is attacking the 'cheaters' in China on the campaign trail, but a quick look at his investment portfolio makes clear he's part of the problem," said Ben LaBolt spokesman of the Obama Campaign.
"Romney invested in companies that pioneered outsourcing American jobs to China - exploiting cheap labor and poor work conditions - and his campaign has confirmed that he remains invested in a Chinese company that has been accused of piracy at the expense of American companies. How can we trust Mitt Romney to stand up to China when he profits from China breaking the rules?" LaBolt said.
First Published: Wednesday, September 26, 2012, 15:18