Schumer, Graham Will Go To China To Press On Currency.

Navigation: Main page

Author: Wegner, Mark

Trade

Sens. Charles Schumer, D-N.Y., and Lindsey Graham, R-S.C., said they will travel to China next week to press high-level government officials on their currency policy, before they make a decision about whether to move forward with a vote on their China tariff bill March 31. "This is serious stuff. We feel we have been patient. Before we get the vote, we want to go to China and hear first hand," Schumer said. Schumer, Graham and Sen. Tom Coburn, R-Okla., plan to spend the next week in Beijing, Shanghai and Hong Kong to argue their case that China has undervalued its currency and given Chinese companies an unfair competitive advantage over U.S. exporters, while Chinese imports are also cheaper in the United States. "Imagine if your company got a 30 percent disadvantage right off the bat," Schumer said. "You can't compete when you slap on that additional 30 percent."

The senators have authored legislation that would impose a 27.5-percent tariff on Chinese imports to make up for any currency advantage. Schumer and Graham said they are not inclined to further delay a vote on their legislation unless they feel that Chinese government and business leaders are taking their concerns seriously. Graham said congressional support has only grown stronger for their position. "We've got a veto-proof majority vote in the Senate and I want our Chinese friends to know it," he said. Graham said the next 45 days will be a pivotal time for China, because of their legislation, an upcoming U.S. visit by Chinese President Hu Jintao and a pending Treasury Department report on China currency.

~~~~~~~~

By Mark Wegner