Two US senators on Thursday abandoned their legislation to impose 27.5 per cent tariffs on Chinese imports, but promised a broader-based attempt next year to encourage China to revalue its currency.

Charles Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican, had threatened to move forward this week with a vote on their measure. But their decision to drop the bill was seen as an early show of confidence in Hank Paulson, the new US Treasury secretary, who met the senators on Tuesday.