Ways and Means Committee Chairman Sander M. Levin (D-MI) said that if China or the Obama Administration do not act “promptly” after next week's G20 summit in Toronto to address growing complaints about the renminbi being undervalued, that Congress will act.
Levin made the statement in opening remarks before a full committee hearing Wednesday on China's trade and industrial policies.
“Several months ago, this Committee held a hearing on China’s exchange rate policy, a prime example of Chinese mercantilism,” Levin said. “Unfortunately, China has made no progress on that issue in the months since our hearing. Seven years of patience from the United States and the international community have run out. The Administration constructively set the G-20 meeting as an important juncture for China to change its inflexible currency practices. If China does not act and the Administration does not respond promptly thereafter, the Congress will act.”
While Levin did not offer specifics, Sen. Chuck Shumer, D-NY, has introduced legislation that would allow US businesses to estimate damages caused by China's alleged currency manipulation when asking for countervailing duties against Chinese imports found by the government to be unfairly subsidised.
