RECENTLY RETURNED FROM A FACT-FINDING AND PUBLICITY TOUR OF CHINA, SENATORS CHUCK SCHUMER (DEMOCRAT FROM NEW YORK) AND LINDSEY GRAHAM (REPUBLICAN FROM SOUTH CAROLINA) SIGNALED MONDAY THAT THEY MAY NOT MOVE FORWARD WITH A BILL TO PUNISH CHINA FOR ITS ARTIFICIALLY-LOW CURRENCY. ALTHOUGH THE SENATORS DISPLAYED GREAT ENTHUSIASM FOR THE BILL BEFORE THEIR TRIP, SCHUMER TOLD REPORTERS THAT BOTH HE AND GRAHAM NEEDED MORE TIME TO DECIDE ON THE LEGISLATION, WHICH WOULD IMPOSE A 27.5 PERCENT TARIFF ON CHINA'S EXPORTS TO THE UNITED STATES IF THE CHINESE YUAN IS NOT REVALUED. AFTER THEIR WEEK-LONG TRIP, SCHUMER SAID HE WAS NO LONGER SURE HE WOULD PUSH FOR A VOTE, ADDING THAT HE NEEDED TO CONSULT WITH U.S. TREASURY SECRETARY JOHN SNOW BEFORE MAKING ANY FINAL DECISION. 'WE HAVEN'T MADE ANY DECISION ON THIS YET,' SCHUMER SAID. DURING THE WEEKEND, SCHUMER TOLD REPORTERS THAT THE TRIP HAD MADE HIM 'MORE OPTIMISTIC THAT THIS CAN BE WORKED OUT.' THE BUSH ADMINISTRATION HAS VIGOROUSLY OPPOSED THE GRAHAM-SCHUMER BILL, AND ALTHOUGH THE BILL WON 67 TO 33 IN A NON-BINDING SENATE VOTE OF SUPPORT LAST YEAR, MANY MODERATE SENATORS HAVE WARNED THAT THE TARIFF WOULD HURT POOR AMERICANS WHO RELY ON CHEAP CHINESE GOODS. A NEW VOTE ON THE BILL IS SCHEDULED TAKE PLACE BY FRIDAY.
