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Late 2006 |
Are you importing from China?
Then it is important for you to read this message, as your business may be seriously impacted by what is going on in Washington right now. Seajet is a member of CONECT (Coalition of New England Companies for Trade). CONECT sent us the following message earlier today. It is important that you read and act upon it as soon as possible. Due to its importance, we are taking the liberty of reprinting here below the original text of this important message. QUOTE There has been some news on the 27.5% tariff front. As you recall, Senators Schumer and Graham have threatened to force a vote on legislation that would impose 27.5% across-the-board tariffs on all goods imported from China, if China does not revalue its currency. Many people in the US believe that US exporters would benefit if the Chinese revalued their currency, and that this would shrink the US trade deficit with China. As you can read below, Sens Schumer and Graham met with Henry Paulson, the new Treasury Secretary, and imposed yet another deadline for action. You may recall that this is one in a series of “deadlines” that have been imposed by Sens Schumer and Graham, none of which have come to fruition. The reason people pay attention, though, is because a majority of Senators supported the Schumer-Graham legislation several months ago in a non-binding procedural vote in the Senate, and the Senators claim to have more than enough votes to pass this legislation in September. The bottom line is this: even if the Senate votes in favor of the Schumer-Graham bill, the House is probably not likely to follow suit by the end of this Congress. Although it is unlikely this bill would become law, US importers need to continue their public opposition to this legislation, and educate Members of Congress on the detrimental impact a 27.5% across-the-board tariff would really have on the US economy. And from a political standpoint, a positive Senate vote (even without a corresponding House vote) may be what is needed to push the Chinese on this issue. From National Journal’s CongressDaily PM: Sens. Charles Schumer, D-N.Y., and Lindsey Graham, R-S.C., met with newly appointed Treasury Secretary Paulson today and reiterated they would demand a vote on their bill imposing across-the-board tariffs if China does not revalue its currency. The senators asked Paulson to send a message to the Chinese government that they must show progress toward allowing the yuan to float by Sept. 30 or the senators would bring their legislation to the Senate floor. "We have 67 votes in our pocket for tariffs," said Graham. "I'm hopeful the message will penetrate. Your fate is in your hands." Schumer and Graham said they both felt Chinese officials understood their position after a visit in May, but the government has yet to take action. "We walked away with the idea it would move," said Schumer. "It hasn't."Senate Majority Leader Frist has promised to give the senators a vote this fall after convincing them to back off a previous threat to force a vote on the legislation. Schumer and Graham refused to disclose details of today's meeting and Paulson's strategy on the issue. Schumer said the administration has quietly supported the legislation, but would prefer China take steps toward revaluing its currency without the measure. UNQUOTE Sincerely yours,
Ronald W. Hiemann
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Seajet Express Inc., 46 Arlington Street, Chelsea, MA 02150 - Telephone 617.884.0991 - www.seajet.com |
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