U.S. Proposes Benchmark for Limiting Trade Imbalances

Townhall.com Staff
Posted: Oct 22, 2010 3:54 PM
The Obama administration on Friday urged the world’s biggest economies to set a numerical limit on their trade imbalances, in a major new effort to broker an international consensus on how to handle festering exchange-rate tensions.

Officials from Britain, Canada and Australia quickly expressed support for the idea, and as a late-night Friday negotiating session in South Korea continued into Saturday morning, France and Japan came on board. But Germany, Europe’s largest exporter, expressed resistance, and China, whose currency battle with the United States has threatened to derail the process of global economic cooperation, has not formally weighed in.