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Politics : Moderate Forum -- Ignore unavailable to you. Want to Upgrade?

To: tsigprofit who wrote (16433)	4/12/2005 1:15:50 AM
From: bentway	Read Replies (1) \| Respond to of 20773

Graham in Support of China Tariff Legislation WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today joined with Senator Charles Schumer (D-New York) to introduce legislation placing a 27.5 percent tariff on all Chinese goods entering the United States. The tariff legislation is in response to China’s decision to continue pegging their currency at a rate of 8.28 yuan to $1 American dollar. “It’s pretty simple – China cheats,” said Graham. “They artificially peg their currency below its true value making their goods cheaper. “Words alone will not change China's behavior,” said Graham. “We've talked this issue to death. It is now time to act.” Economists have estimated the yuan may be undervalued by 15 to 40 percent. China intentionally lowers their currency's value making their goods and services cheap internationally. When Chinese manufacturers export a product, it receives a 15 percent to 40 percent discount which provides them with a nearly insurmountable advantage over U.S. producers. “It’s not about being outworked, or being smarter than the American worker, it’s really about American companies fighting the Chinese government,” said Graham. “I think most American consumers want to make sure that American businesses are protected.” “This is a common ground between Republicans and Democrats, supported by the American manufacturing community,” said Graham. “It’s my belief that if the bill goes to the floor of the U.S. Senate, it will pass.” “The Schumer-Graham legislation gives China ample time to make the necessary, structural changes to the valuation of their currency,” said Graham. “If China wants to be part of the international community, it’s time for them to clean up their act. Until they are reigned in and start playing by the rules, our manufacturing industry will continue to bleed jobs because of unfair Chinese trade practices.” “We need to have a policy of engagement with China that is serious across the board,” said Graham. “Intellectual property theft, manipulating currency, transshipping goods -- there is a variety of activities they engage in that are costing us jobs in the United States. We need to address all of these issues. The tariff bill is a good way to get the Chinese’s attention and show them we are very serious about their cheating.”