September 21, 2005 – It has been two months now since China revalued their currency, the yuan, by 2 percent and de-linked it from the U.S. dollar. Yet, the yuan has not seen any significant movement since and Chinese officials have repeatedly said there will be no further revaluation.
With China undervaluing their currency by 40 percent for nearly a decade, China’s initial 2 percent revaluation is not significant enough to save American jobs. Therefore, lawmakers have started to renew their push to put a halt to China’s unfair trade practices. Sen. Charles E. Schumer (D-N.Y.) has threatened to increase pressure to push his bi-partisan legislation, which would impose a 27.5 percent tariff on Chinese goods.
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