As the US trade deficit with China widens, and economic recovery in the United States fails to generate enough jobs, political pressure for renminbi (RMB) revaluation is mounting. Several bills were introduced in the US Congress in late 2003 aimed at forcing RMB appreciation by threatening punitive tariffs on imports from China or other restrictive measures if China fails to act. The United States is not alone in arguing that the RMB is undervalued. Japan is, if anything, even more outspoken in its criticism of China's exchange rate policy. As if that were not enough, the European Central Bank blames China for slow growth and high unemployment in Europe.