From a soon to be published interview with Bloomberg BusinessWeek:
In an effort to make U.S. exports more attractive, Obama set a year-end objective for persuading China to allow the value of its currency to rise.
“My goal over the course of the next year is for China to recognize that it is also in their interest to allow their currency to appreciate because, frankly, they have got a potentially overheating economy,” Obama said.
He said his administration is “going to have some very serious negotiations” with China that are “going to be bumpy.” China has held its exchange rate with the dollar steady since July 2008.
Obama discussed a range of economic issues in the 35-minute interview with editors and reporters.
He said he would press for passage this year of free-trade agreements with South Korea, Panama and Colombia, though he cautioned that “different glitches” must first be negotiated with each country. ...
