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November 29th 2005

US fails to mention China in currency Report

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.”

Read More: U.S. criticized over China currency report

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Posted by Adam Kritzer | in Chinese Yuan (RMB), Politics & Policy | No Comments »

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