Related News
US House debates yuan issue
Source: Agencies |
September 16, 2010, Thursday
|
Print Edition
Print Edition
The senior Republican on the US House of Representatives Ways and Means Committee said yesterday a proposed bill to press China to revalue its currency would not address fundamental problems of Chinese trade barriers.
"The legislation being discussed today ... is not the best way forward," said Representative Dave Camp, of Michigan, in prepared remarks. He said the bill might violate World Trade Organization rules, draw legal retaliation against American firms and shut down trade in inputs from China that are needed by US industry.
The US steel industry, Ohio lawmakers and two veteran US trade policy experts urged Congress yesterday to pass legislation to push back against China's "undervalued" currency by slapping duties on Chinese imports.
A bill in the House instructs the Commerce Department to apply anti-dumping and countervailing duties against injurious imports from countries that persistently undervalue their currencies. A separate bill in the Senate would give the White House discretion in taking action.
The issue has heated up ahead of US congressional elections on November 2.
"It is time for us to act," Representative Tim Ryan, an Ohio Democrat, told the committee yesterday as he pressed for action on a bill targeting China's currency exchange rate practices. The bill has 133 co-sponsors.
The United States and Europe have long pressed China to let the yuan rise against the US dollar, although the White House has banked on quiet diplomacy to achieve that goal.
A generally united front from the Group of Seven rich nations that free markets should determine currency values was broken yesterday when Japan intervened for the first time in six years in an effort to weaken the yen.
In Beijing, a Nobel Laureate economist urged American politicians to restrain from imposing punitive measures against Chinese imports, calling it unwise and useless.
"This is crude populism and represents the attempt of the two parties to win voters," said James Heckman of the University of Chicago.
"What I do worry about is that there has been a lot of talking about taxing the Chinese and punishing them."
But at the House hearing, Leo Gerard, president of the United Steelworkers union, and Dan DiMicco, chief executive officer of Nucor Corp and a board member of the American Iron and Steel Institute, said the need for action was urgent. "We have been waiting and seeing and talking and dithering for far too long. We are in a trade war and we are losing," Gerard told the panel.
"The legislation being discussed today ... is not the best way forward," said Representative Dave Camp, of Michigan, in prepared remarks. He said the bill might violate World Trade Organization rules, draw legal retaliation against American firms and shut down trade in inputs from China that are needed by US industry.
The US steel industry, Ohio lawmakers and two veteran US trade policy experts urged Congress yesterday to pass legislation to push back against China's "undervalued" currency by slapping duties on Chinese imports.
A bill in the House instructs the Commerce Department to apply anti-dumping and countervailing duties against injurious imports from countries that persistently undervalue their currencies. A separate bill in the Senate would give the White House discretion in taking action.
The issue has heated up ahead of US congressional elections on November 2.
"It is time for us to act," Representative Tim Ryan, an Ohio Democrat, told the committee yesterday as he pressed for action on a bill targeting China's currency exchange rate practices. The bill has 133 co-sponsors.
The United States and Europe have long pressed China to let the yuan rise against the US dollar, although the White House has banked on quiet diplomacy to achieve that goal.
A generally united front from the Group of Seven rich nations that free markets should determine currency values was broken yesterday when Japan intervened for the first time in six years in an effort to weaken the yen.
In Beijing, a Nobel Laureate economist urged American politicians to restrain from imposing punitive measures against Chinese imports, calling it unwise and useless.
"This is crude populism and represents the attempt of the two parties to win voters," said James Heckman of the University of Chicago.
"What I do worry about is that there has been a lot of talking about taxing the Chinese and punishing them."
But at the House hearing, Leo Gerard, president of the United Steelworkers union, and Dan DiMicco, chief executive officer of Nucor Corp and a board member of the American Iron and Steel Institute, said the need for action was urgent. "We have been waiting and seeing and talking and dithering for far too long. We are in a trade war and we are losing," Gerard told the panel.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
