"The continued rise in the U.S.-China trade imbalance, complaints from several U.S. manufacturing firms over the competitive challenges posed by cheap Chinese imports, and concerns that U.S. manufacturing jobs are being lost to Chinese competitors have led several Members to call on the Bush Administration to take a more aggressive stance against certain Chinese trade policies deemed to be unfair. For example, some Members argue that China's policy of pegging its currency (the yuan) to the U.S. dollar makes U.S. exports to China more expensive, and U.S. imports from China cheaper, than they would be if the yuan were fully convertible. Eleven bills on this issue were introduced during the 108th Congress. In the 109th Congress, S.14 (Stabenow) and S. 295 (Schumer) would raise U.S. tariffs on Chinese goods by an additional 27.5% unless China appreciated its currency. In addition, some industry representatives have called on the Administration to utilize special safeguard provisions to restrict imports from China that threaten to harm U.S. firms."
CRS Issue Brief for Congress, IB91121
United States. Department of State, Foreign Press Centers, Bureau of Public Affairs: http://www.fpc.state.gov/