From Marketwatch (link):
Two of the most vocal Senate critics of China’s currency policy will travel to Beijing and Shanghai next week before deciding whether to proceed with legislation that would slap punitive tariffs on Chinese goods.
“We really don’t believe [Chinese officials] understand our frustration in the Congress over this issue … This is deadly serious. We know the consequences of our bill are deadly serious,” said Sen. Lindsey Graham, R-S.C.Graham and Sen. Charles Schumer, D-N.Y., last year introduced a bill that would put 27.5% tariffs on all Chinese goods unless Beijing moves aggressively to loosen a peg between its yuan currency and the U.S. dollar. The pair, along with Sen. Tom Coburn, R-Okla., will visit top Chinese government and business officials during next week’s congressional recess.
