Sep 30 2004

Graham on Chinese Trade Practices

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made the following statement after papers were filed with the U.S. Trade Representatives office charging China with violating trade law by intentionally manipulating their currency. Graham made the following statement: “I appreciate the efforts by the Bush Administration to stop the Chinese government’s practice of manipulating their currency to create a discount for their products. “China pegs their currency to the dollar in an artificially low manner, creating a 15-40 percent discount. The value of China’s currency needs to be adjusted or set by the marketplace, like every other major economic power. “The practice of currency manipulation is adversely affecting American manufacturing and constitutes an unfair trade practice. That is why I am joining with other Congressional colleagues and filing a 301 trade practices complaint against China with the U.S. Trade Representative’s office. “While some progress has been made on this issue, the abuse has gone on too long and caused much damage to our manufacturing economy. Initiating a 301 case is the appropriate response and I hope it will be taken seriously by the U.S. Trade Representative.” #####