Currency

MICHIGAN DEMOCRATS SEEK CHINA TRADE COMPLIANCE, CURRENCY FLOAT

Eight Michigan Democrats last week called on President Bush to undertake more vigorous efforts by U.S. officials to force China to comply with its World Trade Organization obligations and to get China to float its currency in international markets. The latter step would help U.S. exports to compete more effectively against Chinese imports, according to U.S. manufacturers. The Michigan Democrats noted that China is the source of several problems facing U.S. manufacturers. In a Sept. 10 letter, they charged that...

SENATORS THREATEN TARIFF HIKE ON CHINA WITHOUT CURRENCY CHANGE

Four senators warned this week that unless China takes real steps in the coming weeks toward allowing its currency to float freely in international markets, they would make a serious push for legislation that would impose a 27.5 percent tariff on all Chinese imports. The four senators and two others have sponsored a bill, S. 1586, that would impose a tariff on Chinese goods in order to make up for what they and many U.S. companies is the unfair trade...

CHINA INDICATES OPENNESS TO FLEXIBLE CURRENCY, BUT BALKS ON TIMING

Chinese President Hu Jintao and Chinese Premier Wen Jiabao told Treasury Secretary John Snow in separate Sept. 3 meetings that China is open to letting its currency float more freely in international currency markets, but declined to say when it would take these steps. Still, Snow in a Sept. 3 press conference in Asia said he was encouraged by China's signals that it is open to addressing this issue, particularly in light of a growing number of complaints from U.S...

NAM CITES CHINA AS KEY BARRIER TO RECOVERY OF U.S. MANUFACTURING

The National Association of Manufacturers this week said the recovery of jobs lost in the U.S. manufacturing sector is lagging behind the rest of the economy in large part because of currency manipulation and unfair trading practices by China. "Over one-third of the Chinese economic growth is financed by the U.S. trade deficit," NAM President Jerry Jasinowski said in an Aug. 27 press conference. "So if you want to know where some of the U.S. jobs are going, they are...

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