As to the import duty levied on Chinese products clearing house ways and means Committee through the special tariff Bill
United States House of representatives ways and means Committee recently voted one of the aims of the so-called underestimated national currency to impose special tariff Bill. Reuters believes that this Act may cause the United States and China trade relations become more tense. However, because the Bill in the Senate of the future, it may never become law.
Special tariff Bill
Many United States politicians and entrepreneurs have long complained that the Chinese RMB lower than the actual value of 25% to 40%. Members of this threat, if China's currency measures, they are going to legislation.
Xinhua News Agency reported that in May last year, the United States Democratic Party Congressman Tim · Ryan and and Tim · Mo-Philippines introduced the so-called exchange rate reforms promote fair trading act. The Act to the United States Department of Commerce's subsidy list a is considered the kinds of subsidies that have long-term serious underestimation of currency is also considered a form of subsidy.
Recently, the United States Congressmen and business organizations to China in June this year, announced the implementation of the new round of reform since the appreciation of the Renminbi exchange rate range is too small, ask Congress to vote on this Bill.
In this context, the House ways and means Committee hearing on the Bill and additional amendments to the vote and adopted.
Concern is that the House ways and means Committee Chairman SanderLevin amendment request Department of Commerce, no longer as has been done in the past on currency underestimated the effects on trade. Department of Commerce in the future to determine double reverse survey threshold, the exchange rate factors cannot be excluded, but must be in the International Monetary Fund toll calculated currency is too low level, taking full account of the currencies is too low on exporters of actual interest, and initiate investigations.
According to the United States media reports, in order to avoid possible with WTO rules disputes, Levin amendment to the original Act did some softening treatment, such as not mandatory, if the existence of a currency's "fundamental" deviation will certainly constitute export subsidies.
House Speaker Pelosi in a statement: "the time has come now to the Congress should pass legislation. If China allows the Renminbi exchange rate regulation by market factors, the United States each year may bring about a million manufacturing jobs, the trade deficit with China will also be reduced by $ 100 billion instead of the Ministry of finance into a single cent. ”
Act clearance is not much hope that
Although Pelosi supports the House of representatives in the next few days by the exchange rate reforms promote fair trading act, but the Senate who previously hinted that the Senate would not be possible in 2010 on such bill vote.
United States Congressional midterm elections less than 6 weeks will be held at the slack economy and high unemployment is the main concern of this election. Reuters reports that some Republicans, Democrats now held the RMB exchange rate for compulsory voting for political interests.
United States Enterprise Institute researcher ClaudeBarfield said: "the Bill will soon become law. If the Republicans if outside expected won seats in the House of representatives more, Bill in the next Congress likely clearance smaller. Before the adjournment of the Senate next week will not be discussing the Bill. So, this is basically a gesture, trying to get the majority of Democrats to show to the voters on China's tough stance. ”
But there are also people who believe that Bills involving United States employment before the midterm elections through the probability is high. Represents the interests of the United States manufacturing industries fair Monetary Union (FairCurrencyCoalition) spokesman LloydWood said that exchange rate reforms promote fair trade bills is one of the Employment Act. Will face election Congress guys if you are unable to take steps to address employment issues, there is no way to return to the selection before the election to face the voters. So Bill midterm election before the possibility of customs clearance.
Obama cautious attitude
United States President Barack Obama and Treasury Secretary Geithner on the exchange rate reforms promote fair trading act attitude very carefully.
Obama recently although China's "no effort" to solve the problem of RMB, but he is not on the legislative issues.
Recently published testimony in Congress, Geithner has no Senate or House of representatives to act to make any comment, but he said that his main concern is that such act is consistent with WTO rules. Geithner also expressed the appreciation of the Renminbi will be a gradual process, because this is in line with China's own economic interests.
While the United States, former cabinet members and some academics, industry representatives on "monetary reform and fair trade Act," said not to agree.
Former Minister of Commerce and the United States trade representative and other groups sent a letter to the eight most recent Congress Party, warns United States if expanded its compensation law, against the tariff currency low valuations, may provoke counterattack on United States, affecting United States exports.
By the United States manufacturing, financial, and other industry leaders of the "United States trade Emergency Committee" (EmergencyCommitteeforAmericanTrade) sent a letter to the United States Congress to oppose the adoption of anti-dumping duties imposed unilaterally deal RMB underestimated problem because it will be counter-productive.
Research fellow, Asian studies, Heritage Foundation, said: "If DerekScissors United States reduce u.s.-China bilateral trade deficit, you can restore lost job opportunities, this argument is silly. "(Teng Keun)
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