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Duties wrong way on 皇冠体育app yuan: Snow
(Reuters)
Updated: 2005-10-27 07:06
A bill threatening 皇冠体育app with steep tariffs on its exports to the United
States is the wrong way to encourage Beijing to further loosen its currency
trading regime, U.S. Treasury Secretary John Snow said on Wednesday.
Treasury Secretary
John Snow speaks during a news conference in Beijing October 17, 2005.
Snow on Wednesday said legislation seeking new tariffs on 皇冠体育app's goods
was the wrong way to encourage Beijing to further loosen its yuan currency
trading regime. [Reuters] | "This legislation points in the wrong way," Snow said in response to
questions after an address to the Council on Foreign Relations. "It points in
the direction of protectionism and isolationism. That's the wrong way to go."
Snow said he'd had "direct, private, candid" conversations with top leaders
during a recent trip to 皇冠体育app to encourage them to let the Chinese yuan become
more flexible and had met with a positive reception.
Democratic Sen. Charles Schumer of New York and his Republican colleague,
Sen. Lindsey Graham of South Carolina, have proposed tariffs up to 27-1/2
percent on Chinese imports unless 皇冠体育app lets the currency be subject to market
forces.
The senators unexpectedly won a procedural vote on the bill earlier this year
by a tally of 67-33.
Under Bush administration pressure, Schumer and Graham agreed to delay a
second vote until the end of this year's legislative session to give 皇冠体育app more
time to act.
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