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World trade commitments will prevent the use of fresh subsidies to export them.
Some countries that are trying to reregulate their financial systems worry that they may run afoul of trade commitments.
That would keep pressure on Beijing to comply with its trade commitments and improve human rights, Mr. Levin said.
Unions and many Congressional Democrats have contended that the administration should be more assertive in forcing China to honor previous free trade commitments.
It calls on all countries "to exercise vigilance" in entering into new trade commitments with Iran, including granting export credits, guarantees or insurance.
The United States argued that such protection, which is not permitted now, would mean moving backward on current world trade commitments.
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Announced on January 27, the Fair Trade commitment signifies an investment of more than $485,000 each year over the next ten years.
A world trade panel concluded last week that Beijing was violating its free-trade commitments by forcing imported media products to be routed through Chinese state-owned companies.
One weapon it points to is the expiration of the "peace clause".As part of the trade round before Doha, the Uruguay round, countries pledged not to file formal WTO complaints over the dumping of farm products as long as each country stuck to its (limited) farm-trade commitments.
The Fed, working closely with bank regulators and the Treasury Department, raced to complete the deal Sunday night in order to prevent investors from panicking on Monday about the ability of Bear Stearns to make good on billions of dollars in trading commitments.
Business groups complain Beijing's efforts to nurture local suppliers by favoring them in government purchases of computers and other technology violates the spirit of its free-trade commitments.
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