US lawmakers propose a bill to increase tariffs on Chinese products

Introduction: a group of senators from the Republic and the democratic parties proposed a bill on Tuesday, requiring 27.5% tariff on all products imported from China The ZPL bill has been in the works for several months, but now it is proposed to respond to the failure of US Treasury Secretary John snow to persuade China to make concessions in the dispute between the US and China over the value of the RMB The United States believes that the value of China's yuan is undervalued One of the co sponsors of the bill, ZPL Republican Senator Lindsey Graham of South Carolina, said the bill was drafted with the help of the U.S Treasury Department, and the Senate's passage of the bill could help snow negotiate in the future Charles Schumer, a Democratic senator from New York state who sponsored the ZPL bill, said that the bill was proposed to impose high standards and strict requirements on China and hold it responsible for the RMB exchange rate so that American companies can compete fairly with products and services from China ZPL Schumer said that since March 2001, the U.S manufacturing industry has lost 2.6 million jobs, in part due to China's subsidies to Chinese manufacturers by undervaluing its renminbi ZPL although the U.S economy has shown signs of recovery, but U.S manufacturing jobs are still declining ZPL Graham said that until the problem of declining manufacturing jobs is solved, it cannot be said that the U.S economy has fully recovered, and the rise of the stock market cannot solve the problem The ZPL Act requires a tariff of 27.5% on all Chinese exports to the United States The bill's sponsors said the level of tariffs was consistent with the undervaluation of the yuan The ZPL bill provides that once President George W Bush can prove that the exchange rate of RMB is determined by the market, he can cancel the punitive measures in the bill The bill has a 180 day grace period before it goes into effect, so that Treasury officials have enough time to negotiate with the Chinese government on the reform of the renminbi exchange rate ZPL since 1994, China has been implementing the exchange rate policy of pegging the RMB to the US dollar ZPL