Senators’ China Trip Highlights Their Differences on Currency – Keith Bradsher

From The New York Times (link):

A week-long trip to China by two senators sponsoring a trade bill targeting China’s currency has revealed differences between them, the latest in a series of signs that they are less likely to press for a vote in the Senate during the week ahead.

Senator Charles Schumer, Democrat of New York, and Senator Lindsey Graham, Republican of South Carolina, have introduced legislation that would impose a 27.5 percent tariff on all American imports from China in two years unless Beijing officials allow “substantial” appreciation in their country’s currency.

After a week of meetings with high-level officials in Beijing, Shanghai and Hong Kong, Senator Schumer and Senator Graham both said in an interview here on Saturday that they remained committed to advancing the legislation unless China stopped intervening in currency markets and allowed its currency, known as the yuan or renminbi, to move higher.

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