US losing economic muscle in Asia: official
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Facing stiff competition from China and the European Union, the United States is rapidly losing economic clout in Asia, with its export share dropping in most of 34 countries surveyed in the region, the US commerce secretary said Thursday.
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Record oil prices will not sink the US economy and China is moving toward a more flexible exchange rate that also helps safeguard world growth, a top US Treasury official said on Thursday.
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China has lost faith in the stability of the U.S. dollar and its first priority is to broaden the exchange rate for its currency from the dollar to a more flexible basket of currencies, a top Chinese economist said Wednesday at the World Economic Forum.
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The US trade unexpectedly fell in April, helped by the weak dollar, says the Commerce Department.
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The fall highlighted concerns about weakness in the U.S. economy as economies abroad continue to expand.
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The flow of foreign capital contracted in August as private investors lost some of their appetite for American stocks and bonds, underscoring the United States' increasing dependence on financing from central banks in Asia.
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The United States is crippled in  world trade talks and other trade negotiations because the  White House has lost key legislative authority, a top U.S.  trade official said on Wednesday.
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As the dollar has slumped this fall, many investors have started to worry that people in Asia who own U.S. stock will be tempted to pare their holdings.
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The U.S. economy is running out of steam but Europe's resurgence and Asia's awakening will prevent the world's economy from derailing as it did after the stock market crash of 2000, the OECD said in a report on Tuesday.
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Ken Goldstein, an economist at the New York-based Conference Board, said the latest decline in the index is &quot;a clear signal that the economy is losing steam.
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The US economy loses $20bn a year through the illegal copying and sale of films, an American institute says.
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The devastating earthquake and tsunamis that hit Asian countries will deal a fresh blow to the tourism industry there but aren't expected to produce crippling economic problems in the region or in the United States, economists said.
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A top Democratic senator on Wednesday said lawmakers were concerned about a slide in the value of the dollar and urged the Bush administration to step up pressure on China to move to a more flexible exchange rate.
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If the dollar continues to slide, foreign investors may dump US stocks and bonds, the Fed chairman says. WASHINGTON - Swollen trade deficits eventually could threaten the economy by souring foreign appetites
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The US economy is &quot;losing steam,&quot; the Conference Board said, reporting that the index of US leading economic indicators fell 0.3 percent in October, marking the fifth straight decline.
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SINGAPORE, Feb. 6 -- Stock markets across Asia plunged on fears that a U.S. recession will cut demand for exports.
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Asian shares fell as subprime loan problems in the United States and soft economic data provoked international fear.