Wes Hickman (202-224-5972) or Kevin Bishop (864-250-1417)
– U.S. Senator Lindsey Graham (R-South Carolina) today made the following statement on the Treasury report saying China is not a manipulator of its currency.
“The continued practice of the Chinese manipulating their currency is devastating to American manufacturers. We had good meetings with the Chinese on our visit in March, but if that's mistaken for an abandonment of the issue that would be a mistake on their part.
“We’ll see what happens between now and the end of September. But if the yuan does not appreciate in a significant manner between now and then, we’ll have a vote on our bill. If it comes to a vote, I think we’ll get more than the 67 votes we received in April 2005.”
Graham, along with U.S. Senator Charles Schumer (D-NY) has introduced legislation allowing for a 180-day negotiation period between the United States and China on currency revaluation. If the negotiations are not successful, a temporary across the board tariff of 27.5 percent will be applied to all Chinese products entering the United States. The bill received 67 votes in April 2005 on a procedural motion. The Senators reserve the right to call it up for a Senate vote on passage before September 30, 2006.