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: 久久精品a亚洲国产v高清不卡 | 国产天堂在线观看| 一个人看的www日本高清视频| 男女边吃奶边做爽动态爽| 天仙tv在线视频一区二区| 亚洲午夜精品一区二区| 精品国产日韩亚洲一区二区| 在线免费一区二区| 亚欧洲精品在线视频免费观看 | 在线观看一区二区精品视频| 亚洲国产三级在线观看| 韩国女主播一区二区| 天堂在线最新资源| 久久久久亚洲精品男人的天堂| 欧美成人免费在线| 国产又大又黑又粗免费视频 | 久久午夜无码鲁丝片直播午夜精品| 毛利兰的胸被狂揉扒开吃奶| 又大又粗又长视频| 91老师国产黑色丝袜在线| 欧洲熟妇色xxxx欧美老妇多毛网站 | 国产大尺度吃奶无遮无挡网| 55夜色66夜色国产精品视频| 好男人社区神马www| 久久久久人妻精品一区蜜桃| 欧美V国产V亚洲V日韩九九| 亚洲视频在线一区二区| 青青草原亚洲视频| 好妻子韩国片在线| 久久久久亚洲精品无码网址色欲 | 国产一级做a爰片久久毛片男| av免费网址在线观看| 最近中文字幕无吗免费高清| 亚洲精品成人片在线播放| 精品无码成人片一区二区| 国产精品视频一区二区三区经 | 美女扒开腿让男人桶免费看| 在线不卡免费视频| 三年片韩国在线观看| 日韩乱码人妻无码中文字幕视频 | 猫咪www免费人成网站|