Home>News Center>World
         
 

US House press for China action on yuan
(Agencies)
Updated: 2005-06-22 08:30

U.S. lawmakers unveiled legislation Tuesday giving China 90 days to revalue its currency or face an across-the-board tariff on its exports to the United States.

US House press for China action on yuan
US Treasury Secretary John Snow answers a question after meeting European Economic and Monetary Affairs Commissioner Joaquin Almunia in Brussels June 14, 2005. Snow denounced the bill by House representatives threatening China with penalty tariff if China fails to revalue its currency, the yuan, in 90 days. [Reuters]
Treasury Secretary John Snow quickly denounced the bill and others like it that threaten China with sanctions if it does not move to a more flexible exchange rate.

"I think anything that points in the way of closing down trade, interfering with trade, isolationism and protectionism, those are all the wrong way to go," Snow said in an interview on Bloomberg television.

Representative Phil English of Pennsylvania, who introduced the bill, named Currency Harmonization Initiative through Neutralizing Action (China Act), with three other Republicans in the House of Representatives, said the measure reflected their growing frustration over China's practice of pegging its currency at 8.28 yuan to the dollar.

"One of the biggest burdens facing American manufacturers is the blatant mercantilism out of China," English said. "We feel the time has come to draw a line in the sand."

English and other lawmakers contend the currency peg keeps the value of China's yuan at an unfairly low level, giving that country's manufacturers a price advantage over their American competitors.

Snow said he would argue against measures to shut off the U.S. market to Chinese goods when he and Federal Reserve Chairman Alan Greenspan testify Thursday at a Senate Finance Committee hearing on U.S.-China economic relations.

"At the same time, it's important that the Chinese respond, that they play by the rules of the game, that they deal with the intellectual property issues that they need to address, that they deal with opening markets to us," Snow said.

Snow repeated Tuesday that China should "move to a flexible exchange rate."

Treasury would be required to issue its first report on the yuan 60 days, if the bill became law.

If currency manipulation is found, Treasury would have to impose a tariff on all of China's exports to the United States within 30 days. The size of the tariff would be equal to the percentage of yuan manipulation that is found and could be adjusted annually if China later revalues.

The bill would require the Bush administration to take faster action than another proposal that won the support of 67 senators earlier this year on a procedural vote.

That legislation offered by Senator Charles Schumer, a New York Democrat, and Sen. Lindsey Graham, a South Carolina Republican, would threaten China with a 27.5 percent across-the-board tariff if it did not revalue its currency within 6 months. It also contains a provision allowing the White House to delay that action for up to two years.



USS Park Royal crew await for Rice
Coffin of Milosevic flew to Belgrade
Kidnapping spree in Gaza Strip
 
  Today's Top News     Top World News
 

Australia, US, Japan praise China for Asia engagement

 

   
 

Banker: China doing its best on flexible yuan

 

   
 

Hopes high for oil pipeline deal

 

   
 

Possibilities of bird flu outbreaks reduced

 

   
 

Milosevic buried after emotional farewell

 

   
 

China considers trade contracts in India

 

   
  Journalist's alleged killers held in Iraq
   
  No poisons found in Milosevic's body
   
  US, Britain, France upbeat on Iran agreement
   
  Fatah officials call for Abbas to resign
   
  Sectarian violence increases in Iraq
   
  US support for troops in Iraq hits new low
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Bush, US Senate jerk up pressure on yuan
   
RMB is not cause of US trade deficit
   
No timetable for floating currency system
   
Pressure on RMB will not help -- Wen
   
US raising tensions over China's currency
   
Hanke: It would be 'foolish' to revalue yuan
   
Greenspan: Yuan revamp unlikely to help US
   
China firm as US steps up yuan pressure
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 大象视频在线免费观看| 欧美日韩一区二区三区在线观看视频| 日本一道本在线视频| 和武警第一次做男男gay| 三级国产女主播在线观看| 成人免费观看网站| 亚洲视频在线看| 韩国一级在线观看| 国产美女被遭强高潮免费网站| 中文字幕在线久热精品| 欧美va亚洲va国产综合| 伊人久久久大香线蕉综合直播| 视频区小说区图片区激情| 国产精品午夜无码av体验区| www.在线视频yy| 欧美乱妇高清无乱码在线观看| 国产亚洲精品日韩综合网| 777奇米影视网| 日本中文字幕在线视频| 亚洲国产精品日韩在线观看 | 亚洲码欧美码一区二区三区| 美女被爆羞羞视频网站视频| 国产欧美日韩综合精品二区| 99久久99这里只有免费费精品 | 国产成版人视频网站免费下| 99久久婷婷国产综合亚洲| 成人欧美一区二区三区视频| 久久永久免费人妻精品下载| 欧美伊人久久大香线蕉综合| 亚洲老妈激情一区二区三区| 精品国产青草久久久久福利| 国产精品日韩欧美一区二区| 久久久噜噜噜久久中文字幕色伊伊 | а天堂中文最新一区二区三区| 日本在线观看电影| 亚洲va欧美va国产va天堂影| 欧美高清在线视频在线99精品| 免费精品99久久国产综合精品| 37大但人文艺术a级| 好男人社区www在线视频| 丰满老**毛片|