The US Treasury Department finally released its annual currency
report; which contained a notable absence: China. Politicians and
lobbyists were outraged that the Bush Administration did use the report
to formally accuse China of manipulating its currency. Senators Schumer
and Graham are already threatening to reintroduce a bill that would slap
a 27.5% tariff on all imports from China. Secretary of the Treasury,
John Snow, tried to brush off criticism that the administration was
being too soft on China, by publicly urging
China to move forward on
plans to continue adjusting the Yuan, which has appreciated only .3% in
the last four months. The Associated Press reports:
We are looking to Congress,” Tonelson said. “It is
clearer than ever that America’s domestic manufacturers cannot count on
any help from the White House to remedy this totally unacceptable
situation.”
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U.S. criticized over China currency report
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