Schumer Urges Bush To Convene Summit On China Currency.

Sen. Charles Schumer, D-N.Y., today called on President Bush to convene a summit meeting between administration officials and Congress to "figure out where to go next" in convincing China to revalue its currency. Schumer, who spoke at a Council on Foreign Relations breakfast, is the co-sponsor with Sen. Lindsey Graham, R-S.C., of legislation to impose a 27.5 percent tariff on imports from China if Beijing does not revalue. Schumer claimed a two-thirds Senate majority in support of his bill and noted that House Ways and Means Chairman Thomas said Tuesday he supports some kind of action on China. "A summit would be a golden opportunity for all of the key players on trade and public policy to discuss the next steps in getting China to stop its currency manipulation," Schumer said. In response to critics who oppose attempting to leverage Chinese revaluation, Schumer said: "They say any pressure could be counterproductive. Bull. Talking to the Chinese is not going to work. We have tried it for two to three years."