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US House press for 皇冠体育app action on yuan
U.S. lawmakers unveiled legislation Tuesday giving 皇冠体育app 90 days to revalue its currency or face an across-the-board tariff on its exports to the United States.
"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 (皇冠体育app Act), with three other Republicans in the House of Representatives, said the measure reflected their growing frustration over 皇冠体育app'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 皇冠体育app," 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 皇冠体育app'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.-皇冠体育app 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 皇冠体育app 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 皇冠体育app'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 皇冠体育app 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 皇冠体育app 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.
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