Romney ad ignores China trade progress - 13abc.com Toledo (OH) News, Weather and Sports

A Mitt Romney ad attacking President Obama over his policies toward China ignore progress in relations.

Here's the Ad:
http://www.youtube.com/watch?v=trviuqntmfs

"China is stealing American ideas and technology"

That is a legitimate concern...

The US International Trade Commission (http://www.usitc.gov/publications/332/pub4226.pdf) says theft of US technology by China cost American businesses 48-billion dollars in 2009 alone.

But the Commerce Department reported in 2010 (http://www.commerce.gov/news/press-releases/2010/12/15/china-agrees-significant-intellectual-property-rights-enforcement-ini) China has agreed to open its markets and will no longer counterfeit or steal technologies developed by US companies.

The department says American companies can now sell in China-- increasing exports-- and creating jobs without the fear of intellectual property theft by China.

US exports to China have skyrocketed 45-percent under president Obama.


"7 times obama could have acted.  7 times he said no"

Romney charges, by undervaluing its currency, Chinese products are artificially cheaper than American products.

And the Los Angeles Times reported (http://articles.latimes.com/2012/may/25/business/la-fi-mo-china-currency-20120525) the Obama administration believes China's currency is *significantly undervalued* and that it does have a price advantage in selling products in America.

But the president says China *is adjusting its currency* to be more inline with the US dollar.

Romney says he'd impose higher taxes on Chinese imports to fight back but the president believes that will start a trade war hurting small businesses and exporters.

This Romney ad is misleading.

But on the issue of the president's actions costing 2-million American jobs, like the ad claims, the USITC report we mentioned *does* say keeping China from stealing copyrights and patents could create 2-point-1 million American jobs.

But as we say,  the Obama administration has reached a deal with China that will protect American ideas and technology and could go a long way toward creating those 2-point-1 million jobs.