Joanna
Dwayne Monroe wrote:
>Specifically, impose a heavy tariff on Chinese imports. As I see it, Americans
>threatening to punish China by making their imports more expensive is like a
>boxer showing his opponent how tough he is by hitting himself in the face.
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>Congress Again Says It May Act To Counter China's Yuan Policy
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>ASSOCIATED PRESS
>April 8, 2005
>
>WASHINGTON For the second time in two days, Congress gave notice to both China
>and the Bush administration that it will take action if nothing is done about the
>undervalued Chinese currency that gives Chinese goods an advantage over American
>competition.
>
>Rep. Tim Ryan (D., Ohio) introduced legislation yesterday that defines
>exchange-rate manipulation as a prohibited export subsidy and sets guidelines for
>U.S. agencies to sanction China and protect U.S. industries. Also sponsoring the
>bill is California Republican Duncan Hunter, chairman of the House Armed Services
>Committee.
>
>The measure was introduced a day after the Senate showed strong support for a
>proposal to place a 27.5% tariff on all Chinese products if China doesn't revalue
>its currency. The amendment -- offered to a bill authorizing State Department and
>foreign-aid programs -- cleared a key procedural obstacle on a 67-33 vote.
>Sponsors of the proposal said yesterday they will withdraw the amendment, after
>the Senate leadership agreed to provide for an up or down floor vote on the issue
>by July 27.
>
>The administration has pressed China to let the yuan float against the dollar,
>but has declined to pursue trade action, saying it was preferable to negotiate
>with Beijing. Yesterday, Treasury Secretary John Snow, in an exchange with Sen.
>Charles Schumer (D., N.Y.) at a Senate hearing, said diplomacy was the best means
>of moving China on the currency issue and that Mr. Schumer's proposal for the
>27.5% tariff "will be counterproductive."
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>
>source --
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><http://online.wsj.com/article_print/0,,SB111291522024701392,00.html >
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