Photo: The White House via Flickr
The last man standing in the Obama administration, Tim Geithner, doesn’t see a trade war in process, or one on the horizon.At an event in DC today, the Treasury Secretary downplayed all the hype (and a huge House vote last night, condemning our largest economic partner).
But the best is this.
Today Geithner said China has recently permitted the currency to appreciate more quickly, in line with the more than 20 per cent rise that authorities in Beijing allowed between 2005 and 2008.
“If you look at the pace it’s moved since Sept. 2, it’s moving on a path pretty similar to the steep path it was in that period of time,” Geithner said. “If that continues, that would make a really material difference on their economics and on our economics in ways that we think are important.”