Stabenow pushes for decision on tariffs
2006-09-27
Source: Michigan Daily Press
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rss feedTwo senators who say they do not trust China to change what they call unfair trade policy said yesterday they trust the Bush administration's top negotiator enough to give him a little more time before forcing a vote on punishing tariffs.
Sen. Charles Schumer (D-N.Y.) and Sen. Lindsey Graham (R-S.C.) met with Treasury Secretary Henry Paulson yesterday as the senators geared up for an expected vote on a Senate bill that would impose a 27.5-percent tariff on Chinese goods.
However, the measure is not expected to become law this year. The administration opposes the bill and there is no companion measure in the House of Representatives.
The senators say the tariff is necessary to force China to float its currency, the yuan. Critics of China say the yuan's value is artificially undervalued by as much as 40 percent, making Chinese products much cheaper on the world market and hurting U.S. manufacturers.
But after the closed-door meeting with Paulson, the senators voiced renewed hope that the Bush administration, through Paulson, could get results. They said they would take a day or two to decide whether to hold a vote before Congress goes on recess at the end of the week.
Paulson "is optimistic he can get something done. We believe in him, he's a great guy," said Schumer. As for China, he said, "It's our belief they move when pushed."
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