So, Google blinked in its confrontation with China, and then over the weekend came the news that the Secretary of the Treasury, Timothy Geithner, according to Bloomberg.com,
"delayed a scheduled April 15 report to Congress on exchange-rate policies, sidestepping a decision on whether to accuse China of manipulating the value of the yuan."
Geithner said that the Obama Administration will put off publishing its report of China's misdeeds until after the G-20 meeting in Canada in June and "Chinese President Hu Jintao's decision to attend a nuclear security summit hosted in Washington by President Barack Obama on April 12-13" two days before Geithner would have called Hu's government international currency cheaters.
The reason that keeping the value of its currency artificially low is important is because it reduces to cost of exports to places like, oh, the U. S. of A., meaning more and more manufacturing jobs will go to China because of it.
Think this isn't important? Read this graf published on the Wall Street Journal webpage yesterday:
Sen. Charles Schumer (D., N.Y.) is co-sponsoring a bill with a bipartisan group of four other senators that would require the U.S. to impose tariffs and other penalties on countries that failed to address misaligned currencies. "The administration may choose to delay its decision on whether to cite China, but we won't delay our push for legislation," he said in a statement.
No matter how you slice it, the Obama Administration, just like its partner Google, blinked when it came to facing down China.
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