Companies, groups criticize US lawmakers

Business council worries legislation against China counterproductive

NEW YORK - A group of 51 US business and farming companies and trade organizations, including the US Chamber of Commerce and the Business Roundtable, said legislation aimed at pressuring China to appreciate its currency would have major adverse effects.

In a letter to Senators Harry Reid and Mitch McConnell, the group wrote: "Legislation that would increase tariffs on imports from China is unlikely to create any incentive for China to move expeditiously to modify its exchange policies. Rather, it would likely have the opposite effect and result in retaliation against US exports into China."