More entertaining than the Olympics. Notice the dark area where the press photographers are located? Great lighting. NY Times multimedia is outstanding.
The GATT Panel recommended that Member governments ask the USA to amend it's legislation to bring it back into conformity with the GATT. But this was the middle of the Uruguay Round of negotiations, focussing on the TRIPS negotiations on intellectual property. The USA took no action as recommended by the Panel. Finally, in 2000 the…
Tung, the former Chief Executive of Hong Kong, was talking about the Waxman-Markey bill that provides for 'border adjustments' should cap-and-trade costs for energy-intensive industries not be fully offset by U.S. government subsidies. China has been campaigning against this draft legislation since it's introduction.
Lamy did not mean—as this news report suggests—that the 'second track' would be series of bilateral deals. That's a long-standing U.S. fallback position (from the days of GATT), but I doubt Kirk had that in mind either. Here's the official account of what he said.
But who, other than China, would loose if this idea worked and the Renminbi was revalued? Most of the rest of the world. Especially economies with a comparative advantage in agricultural production (Australia, New Zealand, Latin America) for whom imported Chinese deflation of manufactures prices offsets the EU's depression of agricultural prices (and inflation of manufactures…
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