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Obama in exports warning to Asian countries

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Obama in exports warning to Asian countries


Tensions between the world’s largest economies have re-emerged in Japan, playing host to the Asia-Pacific Economic Co-operation forum.

After cracks were papered over at the G20, Barack Obama warned Asian countries at the APEC summit not to rely on exports to the United States for growth.

The US and China blame each other for damaging international trade.

With Beijing largely in his sights, the US president said no nation should assume the path to prosperity was paved with exports to America.

“One of the important lessons the economic crisis taught us is the limits of depending primarily on American consumers and Asian exports to drive economic growth. Going forward, countries with large surpluses must shift away from an unhealthy dependence on exports and take steps to boost domestic demand,” he said.

President Hu Jintao said China was trying to boost consumer demand at home, and gradually reform exchange rate policy.

Washington contends the yuan is undervalued, giving it an export advantage.

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