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WASHINGTON (AP) - Despite pressure from Congress, the Bush administration on Wednesday refused to cite China as a country that manipulates its currency to gain unfair trade advantages.
That finding was quickly challenged by a group of senators who said they would introduce legislation to make it easier for the United States to pursue economic sanctions against China if the country does not allow its currency to rise in value more quickly against the dollar.
American manufacturers contend that China is undervaluing its currency by as much as 40 percent. That has been a boon for American consumers, providing them with cheaper-priced Chinese imports, but it has driven the U.S.-China trade gap to an all-time high of $232.6 billion, one-third of America's record deficit of $758.5 billion last year.
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