Had previous US presidents invoked Section 421 after China’s WTO accession, some of the manufacturing communities in the US would not have been badly damaged. China’s foreign exchange intervention in the years before the crisis of 2008 was rampant. The market for foreign exchange was not allowed to work for a long time. On trade, China benefited immensely from its WTO accession. Setser notes that China’s accession had protection clauses for other members such as non-market economy status for China and special safeguards provisions (Section 421).

Source: Mint February 27, 2017 18:28 UTC