Bush Administration Facing Bi-partisan Criticism Over China Currency

May 23, 2006 – The Bush administration is facing harsh criticism from both Democrat and Republican lawmakers for their soft stance on China’s unfair trade practices and their refusal to brand China a “currency manipulator”.

In a recent report to Congress, the Treasury Department again refused to brand China a currency manipulator – claiming there was insufficient evidence China was purposely keeping it’s currency low to run a trade surplus.

“This is a very technical and legalistic dodge that prevents the administration from stating publicly what’s obvious to all of us: China is a manipulator, and the administration is simply afraid to say so,” Sen. Charles Schumer (D-N.Y.) said in the Washington Post.

Read the entire Washington Post article.