Chamber Supports Continued Dialogue on China Currency

WASHINGTON, D.C. – The United States Chamber of Commerce welcomed news that lawmakers would delay voting on legislation that would authorize unilateral tariffs against China's exports to the U.S. if China failed to revalue its currency, but urged Chinese leaders not to misinterpret the delay as weak resolve on Capitol Hill.

"China has a window of opportunity to take visible, concrete steps to begin transition to a market-determined currency," said Chamber Vice President for East Asia Myron Brilliant. "Lack of action from Beijing leaders will be met with a swift response by the U.S. Congress."

The Chamber supported the decision by Senators Charles Schumer (D-NY) and Lindsey Graham (R-SC) to put off action on their currency legislation (S.295). The U.S. Treasury Department, the U.S. Congress and the G8 nations have all urged China to move to a more flexible exchange rate system.

"The Chinese leadership has stated that adopting greater exchange rate flexibility is in their country's own self-interest," Brilliant noted. "China should take steps regarding its currency that will benefit its economic development goals and remove a major impediment to strengthening U.S.-China commercial and economic relations."

The Chamber strongly opposes any legislation – including S.295 – that would impose unauthorized tariffs under the rules of the World Trade Organization on China's exports to the United States.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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