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<p class=MsoNormal><st1:country-region w:st="on"><b><font size=3 color=navy
face="Trebuchet MS"><span style='font-size:12.0pt;font-family:"Trebuchet MS";
color:navy;font-weight:bold'>U.S.</span></font></b></st1:country-region><b><font
color=navy face="Trebuchet MS"><span style='font-family:"Trebuchet MS";
color:navy;font-weight:bold'> lawmakers press for action on <st1:country-region
w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region> currency<o:p></o:p></span></font></b></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Mon Mar 15, 2010
<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><a
href="http://www.reuters.com/article/idUSN1522417020100316?type=usDollarRpt"><font
color=navy><span style='color:navy'>http://www.reuters.com/article/idUSN1522417020100316?type=usDollarRpt</span></font></a>
<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>By Doug Palmer<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>* 130 lawmakers
write letter to Geithner, Locke<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>* Say failure to
act on <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>
will hurt economic recovery<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>* White House
says Sino-U.S. ties good; some differences (Updates to note senators' news
conference on Tuesday)<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>WASHINGTON,
March 15 (Reuters) - President Barack Obama faced growing congressional pressure
on Monday to get tough with China over its currency practices, one day after
Chinese Premier Wen Jiabao brushed off accusations that Beijing was
undervaluing its currency for an unfair trade advantage.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>"The impact
of <st1:country-region w:st="on">China</st1:country-region>'s currency
manipulation on the <st1:country-region w:st="on"><st1:place w:st="on">U.S.</st1:place></st1:country-region>
economy cannot be overstated. Maintaining its currency at a devalued exchange
rate provides a subsidy to Chinese companies and unfairly disadvantages foreign
competitors," 130 lawmakers said in a letter to U.S. Treasury Secretary
Timothy Geithner and Commerce Secretary Gary Locke.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>House of
Representatives Ways and Means Committee Chairman Sander Levin announced his
panel would hold a hearing on March 24 to examine the impact of China's
exchange rate policy on the U.S. and global economic recoveries and on U.S. job
creation as well as "steps that could be taken to address the issue."<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Senator Charles
Schumer, a member of the Senate Democratic leadership, and Senator Lindsey
Graham, a South Carolina Republican, have set a news conference on Tuesday to
discuss legislation to prod <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>
on the currency front.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Many economists
estimate <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>'s
currency is undervalued by 25 percent to 40 percent, giving it a huge trade
advantage by effectively subsidizing its exports and taxing its imports.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Wen on Sunday
dismissed <st1:country-region w:st="on">U.S.</st1:country-region> complaints
about <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>'s
exchange rate, calling them counterproductive and saying he did not believe the
country's currency was undervalued.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>He also blamed <st1:State
w:st="on">Washington</st1:State> for a deterioration in U.S.-China ties because
of <st1:country-region w:st="on">U.S.</st1:country-region> weapon sales to <st1:country-region
w:st="on">Taiwan</st1:country-region> and Obama's meeting with <st1:country-region
w:st="on"><st1:place w:st="on">Tibet</st1:place></st1:country-region>'s
spiritual leader, the Dalai Lama, last month.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>The White House
said relations between the <st1:country-region w:st="on">United States</st1:country-region>
and <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>
were in "good shape" but acknowledged some differences between the
two countries.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>But the
lawmakers' letter showed the pressure Obama faces to push <st1:country-region
w:st="on">China</st1:country-region> to revalue its currency, which many <st1:country-region
w:st="on">U.S.</st1:country-region> lawmakers believe is to blame for lost
manufacturing jobs and the huge <st1:country-region w:st="on">U.S.</st1:country-region>
trade deficit with <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>"If the
administration fails to act on this issue it will hold back our economic
recovery and hurt the ability of American small businesses and manufacturers to
increase their production, keep their doors open, and create jobs," said
Representative Michael Michaud, a Democrat.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>White House
adviser Jeff Bader said <st1:country-region w:st="on">China</st1:country-region>'s
rising influence in the Asia-Pacific region would be on the agenda during
Obama's trip to <st1:country-region w:st="on">Indonesia</st1:country-region>
and <st1:country-region w:st="on"><st1:place w:st="on">Australia</st1:place></st1:country-region>
next week.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>"We're also
looking to reshape the international regulatory system through the G20 in a way
... that new actors such as <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>
are acting consistently with international norms," he said when discussing
coming talks between Obama and Australian Prime Minister Kevin Rudd.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>CURRENCY
MANIPULATOR LABEL<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>A few years ago,
Schumer and Graham offered legislation threatening to hit <st1:country-region
w:st="on">China</st1:country-region> with a 27.5 percent tariff unless it
raised the value of its currency to address <st1:country-region w:st="on"><st1:place
w:st="on">U.S.</st1:place></st1:country-region> concerns.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Schumer and
Graham are working this time with Senators Debbie Stabenow and Sherrod Brown,
two Democrats who have been pressing for action on <st1:country-region w:st="on"><st1:place
w:st="on">China</st1:place></st1:country-region>'s currency for years.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>In their letter
on Monday, lawmakers in the House of Representatives urged the Commerce
Department to make a major policy change and agree to impose countervailing
duties on a case-by-case basis against countries that manipulate their currency
for an unfair trade advantage.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>The department
is already considering that possibility in a case involving coated paper
imports from <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>The lawmakers
also demanded the Treasury Department formally label <st1:country-region w:st="on"><st1:place
w:st="on">China</st1:place></st1:country-region> as a currency manipulator in
an April 15 report on the currency practices of major trading partners.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Representative
Tim Ryan, a Democrat, said in the letter that Obama should work with the
International Monetary Fund and other countries to pressure <st1:country-region
w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region> to
revalue its currency.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>If that pressure
fails, they urged, the Obama administration officials should consider filing a
complaint against <st1:country-region w:st="on"><st1:place w:st="on">China</st1:place></st1:country-region>
under the World Trade Organization.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Although <st1:City
w:st="on">Beijing</st1:City> has emerged from the global financial crisis more
confident than ever, Dewey & LeBoeuf trade lawyer Alan Wolff said the
"gold rush atmosphere" following <st1:country-region w:st="on"><st1:place
w:st="on">China</st1:place></st1:country-region>'s entry into the WTO in 2001
has faded among governments and companies after years of tolerating
discriminatory Chinese policies in the hope of winning market access.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>"I think
one is going to see a reexamination of <st1:country-region w:st="on"><st1:place
w:st="on">China</st1:place></st1:country-region> policy in a number of
capitals," Wolff said. (Additional reporting by Matt Spetalnick, Ross
Colvin and Paul Eckert, Editing by Kenneth Barry, Gary Hill)<o:p></o:p></span></font></p>
<div style='mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.0pt;
padding:0in 0in 1.0pt 0in'>
<p class=MsoNormal style='border:none;padding:0in'><font size=2 color=navy
face="Trebuchet MS"><span style='font-size:10.0pt;font-family:"Trebuchet MS";
color:navy'><o:p> </o:p></span></font></p>
</div>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Andrew Gussert<br>
Director, Citizens Trade Campaign<br>
<st1:Street w:st="on"><st1:address w:st="on">1150 17th Street N.W.,
Suite 300</st1:address></st1:Street><br>
<st1:place w:st="on"><st1:City w:st="on">Washington</st1:City>, <st1:State
w:st="on">D.C.</st1:State></st1:place> 20036</span></font><font
color=navy><span style='color:navy'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 color=navy face="Times New Roman"><span
style='font-size:12.0pt;color:navy'> <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>Cell#:
202.494.8826<br>
Fax#: 202.293.5308<br>
<a href="http://www.citizenstrade.org"><font color=navy><span style='color:
navy'>www.citizenstrade.org</span></font></a></span></font><font color=navy><span
style='color:navy'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:navy'>facebook.com/gussert<br>
twitter.com/agussert</span></font><font color=navy><span style='color:navy'><o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 color=navy face="Times New Roman"><span
style='font-size:12.0pt;color:navy'> <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 color=navy face="Times New Roman"><span
style='font-size:12.0pt;color:navy'>To receive regular trade updates, <a
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style='color:navy'>click here.</span></font></a></span><o:p></o:p></font></p>
<p class=MsoNormal><font size=3 color=navy face="Times New Roman"><span
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