Schumer, Baucus Frustrated by Lack of China Currency Investigation

http://www.swifteconomics.com/wp-content/uploads/2010/07/yuan.jpg

Senator Chuck Schumer (D-NY) “criticized the Obama administration Tuesday after the Commerce Department announced it will not investigate allegations that China’s currency practices are giving unfair advantages to the country’s exporters,” POLITICO reports.

Schumer, the Senate’s No. 3 Democrat, has been one of the most vocal advocates for stricter rules against Chinese currency manipulation.

"Once again, even when the opportunity is thrust into its hands, the administration has refused to take action,” Schumer said in a statement. “This ruling, while welcomed, is still incomplete. The Commerce Department made its finding while still managing to ignore the elephant in the room, which is China’s currency manipulation."

The Commerce Department ruled that the allegations, made with regard to two separate trades involving exporters of aluminum and paper, did not meet statutory standards to initiate an investigation.

Despite announcing it could not further look into the trades, the department revealed it had found $514 million worth of unfairly subsidized Chinese aluminum exports to the United States in 2009.

Senate Finance Committee Chairman Max Baucus (D-MT) issued a press release statement on the matter as well.

Senate Finance Committee Chairman Max Baucus (D-Mont.) released the following statement in response to today’s failure by the Department of Commerce to initiate an investigation into whether China’s currency practices constitute an unfair subsidy under U.S. countervailing duty laws.

“The bottom line is that China continues to manipulate its currency at the expense of American workers and manufacturers.  We must do everything we can to stop this manipulation, and ensure a level playing field for America’s ranchers, farmers, manufacturers and workers.”

(credit image – swifteconomics.com)

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