Image credit: Donkey Hotey
Mitt Romney did so well establishing himself in the Republican primaries as a defender of American jobs from the nasty, currency-manipulating Chinese dragon, that Obama has adopted his trade warrior rhetoric.
In an op-ed for the Washington Post in October, 2011, Romney had this to say about Chinese business practices:
China’s underpriced products lead to an undesirable and inefficient elimination of competing businesses, with serious long-term consequences. And in this case, the businesses killed are often our own. Meanwhile, American companies do not even get the supposed benefit of the free-trade bargain: When they try to do business in the Chinese market, they find policies designed to shut them out.
And yet, the New York Times reports, Romney’s newly released tax-returns show that Romney wasn’t always so anti-Chinese:
The 2011 tax returns his campaign released on Friday show that Mr. Romney’s family trusts had invested in shares of a Chinese-owned state oil company but got rid of those investments this summer as Mr. Romney’s anti-Chinese rhetoric heated up on the campaign trail.
In 2009 and 2010, the W. Mitt Romney blind trust invested $77,262 in shares of Cnooc Limited, the state-owned Chinese oil company, and Industrial and Commercial Bank of China. On Aug. 10, 2011, as Mr. Romney was emerging as a harsh critic of China, the shares were sold, producing a profit of $8,138, as the trust made money on the oil company but lost money on the bank.