China Currency Dispute Not Over, Ohio’s Brown Says

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China Currency Dispute Not Over, Ohio’s Brown Says

Business Week – June 22 (Bloomberg) — President Barack Obama needs to make sure China lives up to its commitment to raise the value of its currency, Senator Sherrod Brown said.

“China has been great at gaming the system,” on trade, Brown, an Ohio Democrat, said today in an interview on Bloomberg Television. The president “shouldn’t just check the box” and view the matter as closed, he said.

Legislation that would let U.S. companies get higher tariffs on imports to compensate for a weak Chinese currency is still necessary, Brown, a cosponsor of the measure, said in an interview at Bloomberg’s Washington office. China said on June 19 that it was lifting a two-year policy of pegging its currency, the yuan, to the U.S. dollar.

“The pressure still needs to be on them from Congress,” Brown said. “If we move forward on an amendment on currency on the Senate floor, our chances for passage are pretty good.”

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