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March 17, 2010

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China To Face Stiff Penalties Under Bill

CHINA would face stiff new United States penalties under a bipartisan bill to be introduced in the Senate yesterday, congressional aides said.

Senators Charles Schumer, a member of the Democratic leadership, and Lindsey Graham, a Republican, have scheduled a news conference today Beijing time to discuss the new legislation.

It comes two days after Premier Wen Jiabao dismissed US complaints about China's exchange rate policy and one month before President Barack Obama's administration must decide again whether to label China a currency manipulator in a semiannual report.

Years ago, Schumer and Graham co-authored a bill that threatened China with a 27.5 percent across-the-board tariff if it did not revalue the yuan.

It was passed, but the two men dropped it when China began to let the yuan rise.


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