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Dow Jones Newswires
March 27, 2008 |
John Godfrey
Staff Writer |
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US Econ Woes Mean Bush Should Tackle China Yuan -Dems
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With the U.S. economy in a rut, the Bush administration should crack down on China's currency manipulation, a group of U.S. House Democrats wrote Wednesday in a letter to U.S. President George W. Bush.
"At this time of economic insecurity, American workers, farmers and businesses can ill afford to allow China to continue to undervalue its currency," wrote the group led by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., and House Trade Subcommittee Chairman Sander Levin, D-Mich.
The letter was signed by 13 other House Democrats.
Bush has rejected pressure from Congress to more aggressively push China to allow the value of the yuan to float more freely. He and administration officials say they are trying to negotiate a settlement to the issue.
"We respectfully suggest that this approach has failed," the group wrote. In their letter released Thursday, the Democrats called on the Bush administration to use "all of the tools at its disposal."
They would like Bush to push the International Monetary Fund to require China to abide by the fund's article of agreements; to take action against China in the World Trade Organization; and enforce existing U.S. laws - including the simple step of formally identifying China as a nation that is manipulating its currency.
They would also like Bush to engage in multilateral negotiations with other affected countries including countries also manipulating their currency and countries "that have a strong interest in pressing China to end its currency manipulation practices."
Rep. Phil English, R-Pa., said Democrats don't have to wait for Bush and should have acted long ago.
"While the administration should certainly exhaust every avenue...Congress cannot simply abrogate its fundamental responsibility to act through legislation," English wrote in a letter Thursday to Rangel.
English has written legislation that would impose automatic tariffs on imports from China if the Treasury Department certifies that China is manipulating the value of its currency.
English said Democrats had promised, and failed, to pursue trade legislation.
"I urge you to revisit the decision to merely keep the development of China-related legislation a possibility in the distant future," he wrote.
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To Contact Congressman Levin: -
Email Congressman Levin In Michigan: 27085 Gratiot Ave, Roseville, MI 48066 | (586) 498-7122 | (248) 968-2025
In Washington: 1236 Longworth House Office Building, Washington, DC 20515 | (202) 225-4961
