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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: US lawmakers target China currency policy AFP - Thursday, May 14 WASHINGTON (AFP) - - With angry words for China, US lawmakers unveiled a plan to retaliate against countries that allegedly manipulate their currencies to snare an edge in international trade. ADVERTISEMENT "The time has come for Congress to stand up for American workers and not allow China to run roughshod over the American economy. With this legislation we will finally force China to stop cheating and level the playing field for America's manufacturers," said Republican Representative Tim Murphy. The Currency Reform for Fair Trade Act, backed by Republicans and Democrats as well as business groups and major labor unions, aims to use US anti-dumping and countervailing duties to strike back at prolonged currency manipulation. US lawmakers have long accused Beijing of keeping the yuan, or renminbi, artificially low -- a step that would boost its exports by making Chinese products less expensive relative to US goods on global markets. "It's time to treat illegal currency intervention like the outrageous trade subsidy it is," Republican Senator Jim Bunning said as the legislation was introduced in the Senate and House of Representatives. The bill "would give trade remedies to American businesses and workers. It would send a clear message to China -- and any other country considering currency manipulation -- that this practice is unacceptable," he said. The legislation directs the US Commerce Department to make a public finding of whether a given country is manipulating its currency, and declares that such behavior can be punished by leveling punitive duties on the goods from that country or other trade-related steps. "Our laws must provide mechanisms to cite countries for manipulating their currency and also provide remedies, so US workers are not put at a competitive disadvantage," said Democratic Senator Debbie Stabenow. In keeping with World Trade Organization (WTO) rules, the remedies would only be imposed if the US International Trade Commission finds that the unfair practice has caused or threatens to cause material injury to US companies and workers, according to a summary provided by the law's supporters. No countries are specifically named in the legislation. In mid-April, US President Barack Obama's administration ruled that China had not manipulated its currency to gain competitive advantage, but that it remained undervalued. The Treasury Department said in its twice-yearly global currency policies report that no major US trade partner had manipulated its exchange rate to gain an unfair competitive leverage. The report appeared to be an abrupt about-face for Treasury Secretary Timothy Geithner, whose comment that China manipulated its currency during his January Senate confirmation hearing set off alarms in Beijing. Geithner will make his first official visit to China for June 1-2 talks as the two economic powerhouses step-up a high-level dialogue, his office said this week. The latest report on US trade showed that the deficit with China, the second-largest US partner, jumped to 15.6 billion dollars in March from 14.2 billion one month earlier. The gap with China, by far the biggest US trade deficit, swelled to an all-time high of 266.3 billion dollars in 2008 from 256.2 billion dollars in 2007. China's Commerce Minister Chen Deming charged late last month that US trade protectionism against China is growing, straining bilateral economic ties, and has denied that China seeks a trade surplus with the United States. "History tells us that the more serious a crisis becomes, the more committed we must be to openness and cooperation. Regrettably, however, trade measures by the US against China are on the rise," Chen wrote in the Wall Street Journal's Asia edition. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Shares in mining giant Rio sink on Chinalco fearsAFP - Friday, May 15 Thai buyers' confidence hits new low in AprilAFP - Thursday, May 14 S.Korean won ends down 1.8 pct on US data, stocksReuters - Thursday, May 14 S.Korea KDI cuts 2009 growth f'cast to 11-yr lowReuters - Thursday, May 14 Related Articles: Business Bond insurer MBIA posts a profit, shares soarReuters - Tuesday, May 12 SUMMARY-Media speculation on Australia's 2009/10 budgetReuters - Tuesday, May 12 Husky says offshore China well may pump 150 mmcf/dReuters - Tuesday, May 12 GM executives dump stock as trading window opensReuters - Tuesday, May 12 NKorean, Brazilian ministers discuss trade, talksAFP - Tuesday, May 12 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Australian zoo evacuated after orangutan escape British store admits it boobed in bra row Obese young men have less hope of marriage: study Venezuela oil takeovers may leave 22,000 jobless $70-80 good price for oil: French economy minister View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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