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Congress Takes On China Currency Manipulation Issue

Congress Takes OnChina Currency Manipulation IssueLegislation has been introduced in both houses of Congress to address the effects of Chinas currency manipulation on the health of the US manufacturing sector.In the Senate, a bipartisan bill introduced by Sens. Elizabeth Dole (R-N.C.), Lindsey Graham (R-S.C.) and Charles Schumer (D-N.Y.) directs additional tariffs of 27.5 percent to be imposed on US imports of Chinese goods if China fails to float its currency within 180 days. The tariff rate is equal to the estimated average undervaluation of the Chinese yuan vis-is the US dollar.In the House of Representatives, Reps. Cass Ballenger (R-N.C.), Phil English (R-Pa.) and Mark Green (R-Wis.) also introduced legislation to nullify the effects of Chinas currency manipulation. The Currency Harmonization Initiative through Neutralizing Action (CHINA) Act of 2003 would require the Secretary of the Treasury to determine whether China is manipulating its currency to gain a trade advantage and, if such a finding is made, to levy tariffs equal to the percentage of manipulation in addition to tariffs currently in place. The bill also calls on the Bush administration to pursue remedies through the World Trade Organization, the International Monetary Fund and other means. October 2003