Bush Team Rejects Call for China Currency Probe

WASHINGTON – The Bush administration on Thursday rejected a call from labor, textile and steel groups for an investigation into the value of China’s currency that could lead to a confrontation at the World Trade Organization.

“Today’s petition is reckless because the remedy it seeks of a 40 percent across-the-board tariff would put up walls around America, hurting U.S. exports, destroying U.S. jobs and endangering our economic recovery,” Richard Mills, a spokesman for the U.S. Trade Representative’s office, said.

Accepting the petition would be “a retreat into economic isolationism,” Mills said in a statement.

Democratic presidential candidate John Kerry blasted the Bush administration for rejecting the petition just hours after it was filed at the U.S. Trade Representative’s office. He accused President George W. Bush of leading the United States “in the wrong direction” by failing to enforce trade agreements and protect manufacturing jobs.

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