Obama Launches Trade Complaint Against China, says Currencies Direct

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Obama Launches Trade Complaint Against China, says Currencies Direct

PR Newswire NEWBURY, England, September 24, 2012

NEWBURY, England,September 24, 2012/PRNewswire/ -- President accuses China of subsidising exports of automobile parts Barack Obama has issued a formal trade complaint to the World Trade Organisation againstChina, accusing the Asian power of 'illegally' subsidising exports on automobile parts, say exchange rates experts, Currencies Direct. The President, who has often lambastedChina'strading policies, believes subsidisation is putting American manufacturing at a distinct disadvantage, affecting both US competition and production. Officials working on behalf of Obama confirmed the President had launched enforcement action at the WTO on Monday, indictingChinaof subsidising automobile parts illegally. China'strading policy has long been a matter of controversy in America. In the decade between 2001 and 2011 jobs in the automobile sector dropped by 50% in the US, while imports of auto parts fromChinarocketed. Both Mitt Romney and Barack Obama have vowed to get tough on Chinese trade if they win the presidency in November. After a weekend away from the spotlight, both candidates were back on the campaign trail on Monday, and back to exchanging trading barbs. Speaking inOhio, a swing state with a large manufacturing base, Mr Obama took another opportunity to criticise Mitt Romney's past interests inChina, accusing the Republican presidential candidate of outsourcing jobs toChina when running the private equity firm, Bain Capital. Similarly Romney released a TV advert last week accusing the President of 'failing American workers'.On the issues of trade, Romney has persistently branded the President as 'weak', citing the Dollars depreciation against other world currencies during Obama's first-term in office as an example.

About Currencies Direct

Currencies Direct is one ofEurope'sleading non-bank providers of currency exchange payment services. Since its formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider. Head quartered in theCity of London(United Kingdom) with operations in Europe,Africa,Asiaandthe United States, Currencies Direct is part of the Azibo Group, a privately owned investment company.