As far as I know, the USA has exploited China’s low-wage economy for decades, sourcing every conceivable consumer product via its mammoth retail businesses like Wal-Mart, to satisfy its people’s insatiable appetite for throw-away possessions.
On the back of this trade, which has allowed Chinese workers to improve their own standard-of-living and save money, Chinese banks have become major lenders to the creaking US economy, with dollars earned quite legitimately, and arguably saved the USA from serious embarrassment during the latest credit crisis.
Now Obama has the nerve to lecture Chinese leaders on their moral obligation to do ‘fair trade’, to allow their currency to float up to its ‘real’ market value! Otherwise the USA can’t export its cars to China.
Excuse me if I find this hard to swallow.