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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: redfrecknj10/1/2006 5:44:47 PM
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Tough talk ends with a whimper:

Senators End Plans
To Vote for Tariff
On Chinese Goods
By GREG HITT
September 29, 2006; Page A10

WASHINGTON -- Key senators dropped plans for a vote this week on legislation to impose a hefty tariff on Chinese-made goods because of Beijing's currency policies, and will work to keep pressure on China through other means.

The decision by Sens. Charles Schumer (D., N.Y.) and Lindsey Graham, (R., S.C.), brings to a close a dispute in Congress about China's currency-management practices, and avoids action the Bush administration had worried might weaken Washington's standing as a free-trade leader.

The measure at issue would have slapped a 27.5% tariff on Chinese goods if Beijing didn't take steps to loosen control of its currency, the yuan. The senators instead said they will coordinate with leaders of the Senate Finance Committee on new legislation designed to put trade pressure on China. Critics say Beijing keeps the yuan's value artificially low to make Chinese goods relatively cheap in world markets, giving Chinese companies an unfair competitive edge.

Yesterday's announcement came two days after Treasury Secretary Henry Paulson urged the lawmakers to give the Chinese more time to adopt economic changes, and after President Bush appealed personally to Mr. Graham to show flexibility.
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