Skip to main content

Good timing for the speech today in Ohio.  

GENEVA/WASHINGTON (Reuters) - Washington won a major victory in an election-year dispute against China on Monday when a WTO ruling found China had discriminated against U.S. bank card suppliers in favor of a state-owned enterprise that enjoys an illegal monopoly.

The decision by a World Trade Organization dispute panel said Beijing was breaking WTO rules by requiring all yuan-denominated payment cards issued in China to work with the network belonging to China UnionPay (CUP), as well as requiring every merchant and ATM to accept CUP's cards.

With CUP enjoying a monopoly, firms such as Visa Inc , Mastercard Inc and American Express were restricted to foreign currency transactions.

The ruling is open to appeal and unless China manages to overturn it, the country will have to change its rules to give foreign companies equal access to Chinese firms, effectively breaking CUP's monopoly.

White House spokesman Jay Carney called the ruling a "win" that showed "our determination to go after China's efforts to distort global trade rules".

"That is precisely why 3.5 years into the president's first term we have doubled the rate of WTO cases against China, versus the prior administration," he told reporters aboard Air Force One.

cnbc

This means a few more jobs:

US Trade Representative (USTR) Ron Kirk said the victory in the World Trade Organization dispute would allow US companies to compete on a level playing field with China's own company, China Union Pay, which has dominated the EPS market.

"The WTO panel agrees that China's pervasive and discriminatory measures deny a level playing field to American service providers, which are world leaders in this sector," Kirk said.

"This decision will help US companies and increase American jobs as a more efficient credit and debit payment system in China enables consumers to buy more goods, including quality, made-in-America products," he said.

According to industry estimates, the United States will gain 6,000 jobs related to electronic payment services, the Obama administration said.

US Hails WTO Win Vrs. China

It all adds up.  Does anyone really think Romney would do the same?

Romney talks tough about China, but his wealth was built in part on outsourcing jobs to China and other nations.  President Obama acts.

 

MR. CARNEY:  

     Before I turn it over to Jen to give a topper, I just wanted to mention that today the World Trade Organization is announcing another clear win for the United States in a trade dispute with China -- this time over so-called “electronic payment systems” like credit and debit cards.

     The Obama administration launched this case in 2010.  Today’s win highlights that tackling unfair Chinese trade practices has been a priority of this President throughout his term in office.  That is precisely why 3.5 years into the President’s first term we have doubled the rate of WTO cases against China versus the prior administration.

snip

MR. CARNEY:  Well, the President feels very strongly that taking action to ensure that American companies and American workers are able to compete on a level playing field with China and other countries is something that resonates across the country with Americans.

     This particular announcement that I brought up at the top of the briefing was made by the WTO.  It has nothing -- the timing is not ours, but it is newsworthy today.  And this relates to one of the six prior cases that the United States has filed at the WTO against China under President Obama.  The other action that you referenced refers to the seventh new initiative that this administration has filed at the WTO against China.

Gaggle by Press Secretary Jay Carney, en route to Ohio, July 16, 2012

Good timing for today.  

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site