American lawmakers differ on currency

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American lawmakers differ on currency

09:35, September 16, 2010      

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American Congressional lawmakers faulted China's currency policy, but they differed on an approach to take any countermeasures, according to wires report.

Representative Tim Ryan, an Ohio Democrat and co-sponsor of legislation letting American companies seek duties on Chinese imports, said China is "violating trade laws".

Legislation sponsored by Ryan and Tim Murphy, a Pennsylvania Republican, would let companies petition for higher duties on imports from China.

Representative Dave Camp, top Republican on the House Ways and Means Committee which is holding hearings on China's currency policy, said he opposes the above legislation.

Differences among legislators reflect divisions among American businesses and farm groups over trade with China.

Quite a few U.S. manufacturers and labor unions support pressing China on its currency policy, while farmers and large companies such as Caterpillar Inc. and Citigroup Inc. argue the actions may hurt American business in one the fastest-growing export markets.

"Frustrations are high, but legislation will not help us get to the goal," John Frisbie, president of the U.S.-China Business Council that represents companies with operations in China, said in his prepared testimony to the committee.

Treasury Secretary Timothy F. Geithner is set to testify Thursday about China's currency before the House panel and the Senate Banking Committee.

U.S. lawmakers said the proposed bill doesn't resolve major issues for U.S. companies in dealing with China, and any punitive duties on Chinese goods might lead to a crackdown on rising exports of American farm goods to China.

By People's Daily Online

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