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Thursday April 07, 06:17
China faces tarrifs unless changes currency policy, US says
(by Roy Deng)
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The US Senate voted for the imposing of tarrifs on China if it does not change its currency policy. The move came amid the Bush administration’s decision to pursue harder policy towards China.
The proposal was promoted by Sens. Charles Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican was voted 67-33. That means China faces a 27.5% tariff imposed on all its products exported to the US. To avoid complications, Beijing has to change its tough currency policy, lawmakers say.
China accused of downplaying its currency keeping it weaker than it really is leading to the harmful effects for the US economy. The US already claims a $162 billion trade deficit with China in 2004, with the biggest harm over the economy among all its trade partners.
"This is a red-hot issue. What it shows is the overwhelming bipartisan sentiment -- from every part of the country -- that the Chinese must once and for all play fair," Sen. Schumer said.
China failed to acquit itself of a promise to push its currency to a floating state amid the positive changes in its economy.
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