China's Oil Bid Riles Congress

Attempt to Take Over U.S. Firm Spurs Calls for Retaliation

By Jonathan Weisman and Peter S. Goodman

Washington Post Staff Writers
Friday, June 24, 2005; Page A01

Political fears of China's economic might intensified yesterday following China's unsolicited bid to take over a U.S. oil company, with lawmakers from both political parties warning that Congress will take retaliatory action against Chinese trade practices if the Bush administration fails to respond.

Under a barrage of questions, Federal Reserve Chairman Alan Greenspan and Treasury Secretary John W. Snow warned the Senate Finance Committee against punitive legislation that could trigger a trade war and ultimately harm the U.S.