The United States has a trade deficit of $900 billion a year, $201 billion with China alone, the largest deficit in U.S. history with one country, and it's only getting worst. One of the major reasons that the trade defict with China is getting worst is China continually under values it's currency. President Bush has denied American businesses and workers the import relief they are entitled to under the law, and he has taken positions at the WTO that will only worsen our trade relationship with China. Bush had an opportunity during the recent summit with China’s President Hu Jintao to pressure him to lower the trade deficit, but Bush let the Chinese leader slip out of any firm commitments. Luckly Sens. Charles Schumer (D-N.Y.) and Lindsey Graham (R-S.C.) are sponsoring legislation that would impose across-the-board penalty tariffs of 27.5 percent on Chinese goods unless the Chinese stop the practice of undervaluing their currency.
