Bush Administration Rejects Section 301 Petition on China's Currency Policy
Today the Office of the U.S. Trade Representative (USTR) announced that the Bush Administration has rejected a petition filed by theChina Currency Coalition requesting the United States to investigate China's currency policy under section 301 of the Trade Act of 1974.
The China Currency Coalition, an alliance of industry, agriculture, service and worker organizations, claimed in their 301 petition that the Chinese Yuan was undervalued by 40%, "placing unjustifiable burdens and restrictions on U.S. companies and commerce."
In rejecting the petition, the USTR stated that “today's petition is reckless because the remedy it seeks of a 40 percent across the board tariff would put up walls around America, hurting U.S. exports, destroying U.S. jobs and endangering our economic recovery. It is a petition that has much less support in the U.S. business community than it did just four months ago, when the Administration last addressed this issue."
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