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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles U.S. Senate Threatens China With Economic Sanctions Over Trade Imbalance Email Facebook Digg Twitter Buzz Up! ShareThis June 10, 2010 4:21 p.m. EST Topics: politics, diplomacy, international relations, international (foreign) trade, macro economics, finance, economy, business and finance, United States Tom Ramstack - AHN News Correspondent Washington, D.C., United States (AHN) - Senate Finance Committee members threatened trade sanctions against China Thursday for what they said were manipulations of its exchange rate to gain an unfair advantage over U.S. exports. They made the threats during testimony by Treasury Secretary Timothy F. Geithner, who said China’s trade policy interfered with recovery from recession. “The distortions caused by China’s exchange rate spread far beyond China’s borders and are an impediment to the global rebalancing we need,” Geithner said in his testimony. He said China risks inflation that would hurt its exports unless it realigns the value of its currency, called the yuan. The U.S. government says China undervalues its currency to give its exports a price advantage against other countries. The lower-than-market value of the yuan has resulted in huge demand for China’s products but sparked complaints from its trading partners, chief among them the United States. “American firms operating in China should have the same rights enjoyed by Chinese companies, just as Chinese firms have in the United States,” Geithner said. “This is a simple principle of fairness.” Republicans and Democrats accused China of protective policies that gave preference in the Chinese market to domestic products. They said Chinese trade practices hurt the U.S. manufacturing and agricultural industries the worst, which has resulted in job losses during a time of high unemployment. Sen. Charles E. Schumer (D-N.Y.) said he would seek a vote soon on legislation to impose automatic economic sanctions on China if an upcoming Treasury Department report finds the yuan is undervalued compared with the U.S. dollar. The vote could come within two weeks, Schumer said. “We’re going to do it soon,” he said. “Be prepared.” The senators grilled Geithner on why they had not yet received the Treasury Department report on Chinese trade practices. Geithner said he was delaying the report until after the G-20 meeting of industrialized nations in Toronto later this month. Federal law requires the Treasury Department to make the reports every six months, which means it should have been released in April. Geithner said he wants to use the G-20 meeting to re-evaluate the status of China’s trade policies. Figures from other sources show the trade imbalance between the United States and China is growing. The Commerce Department’s monthly report published Thursday said U.S.-China trade totaled $126.5 billion through April of this year, up 19 percent from the same four-month period last year. The United States imported $71 billion more from China than it exported, a 5.7 percent increase in the trade gap. Meanwhile, a Chinese government report Thursday showed China’s exports were at their highest level in six years and property values are rising at record paces. The economic trends show China is not succumbing to the recession that has plagued the United States and Europe for the past three years. Members of the Senate said China’s economic growth is coming at the expense of other countries through its preferential trade policies. Preferential policies violate World Trade Organization rules. Sen. Charles Grassley (R-Iowa) said the China has sought “to find loopholes and gaps” in World Trade Organization rules that it could exploit. He urged Congress to consider “careful rethinking about our overall approach to China on trade matters.” Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. 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