130 US lawmakers urge tariffs on China if currency doesn't appreciate

A bipartisan group of 130 US lawmakers formally called for the US government to enact tariffs on Chinese imports if Beijing does not allow the renminbi to appreciate against the dollar, the Wall Street Journal reported. Last week President Obama called for China to adopt a more liberal policy toward the renminbi but the suggestion was publicly rejected by Chinese officials, in particular by Premier Wen Jiabao, who warned against "finger pointing" and denied the renminbi is undervalued. The US lawmakers urged US Treasury Secretary Timothy Geithner to formally label China a currency manipulator in next month’s currency report and use the label to trigger countervailing duties against Chinese imports from the US Commerce Department. The group also argued that the actions should be coordinated with other countries and with the International Monetary Fund.