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Currency bill reveals U.S. protectionism, risking Sino-US ties: experts |
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19:24, July 30, 2007 |
As U.S. Treasury Secretary Henry Paulson kicked off his Beijing visit on Monday, observers warned that trade protectionism in Washington posed a threat to China-U.S. trade relations.
Three days before Paulson''s China trip, the Senate Financial Committee overwhelmingly passed a bill that allowed the U.S. government to use a wide array of measures to force other countries to adopt more market-oriented currency policies.
"This bill has ominous implications for U.S.-China trade and stands a very good chance of becoming law," said Stephen S. Roach, chairman of the Morgan Stanley Asia Limited, in an interview with Xinhua.
He said Paulson had an important job ahead in impressing on the Chinese leadership the gravity of the political situation in Washington. "Nothing happens by coincidence in the political realm. Washington''s protectionist tilt is unmistakable," he said.
The economist who has spoken three times this year in the U.S. Congress on U.S.-China trade relations predicted that the final legislation would be passed at the end of the year with the bi-partisan support of at least two-thirds of the members in both the House and the Senate, ruling out the possibility of a veto by President George W. Bush.
As the U.S. trade deficit with China shows little sign of declining, U.S. politicians increasingly claimed the yuan was undervalued.
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