Two Senators Push for Tougher Stance on China
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Two U.S. senators proposed legislation to force the Bush administration to get tough on China over its reluctance to let its currency trade freely in financial markets, something U.S. manufacturers and some lawmakers say gives Chinese competitors an unjust trade edge by keeping the yuan undervalued.
Senate Finance Committee Chairman Charles E. Grassley (R-Iowa) and Sen. Max Baucus (D-Mont.) called for the Treasury Department to create an assistant secretary post focused on currency issues and to turn to the International Monetary Fund and other nations on ways to punish countries with “fundamentally misaligned” currencies that hurt the U.S. economy.
Less than two hours after Baucus and Grassley launched their bill, Sens. Charles E. Schumer (D-N.Y.) and Lindsey Graham (R-S.C.) said they would delay until Sept. 29 at the latest a vote on separate legislation to impose stiff tariffs on China for failing to address the yuan issue.
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