Thursday May 14, 9:53 AM
US lawmakers target China currency policy
With angry words for China, US lawmakers unveiled a plan to retaliate against countries that allegedly manipulate their currencies to snare an edge in international trade.
"The time has come for Congress to stand up for American workers and not allow China to run roughshod over the American economy. With this legislation we will finally force China to stop cheating and level the playing field for America's manufacturers," said Republican Representative Tim Murphy.
The Currency Reform for Fair Trade Act, backed by Republicans and Democrats as well as business groups and major labor unions, aims to use US anti-dumping and countervailing duties to strike back at prolonged currency manipulation. US lawmakers have long accused Beijing of keeping the yuan, or renminbi, artificially low -- a step that would boost its exports by making Chinese products less expensive relative to US goods on global markets. "It's time to treat illegal currency intervention like the outrageous trade subsidy it is," Republican Senator Jim Bunning said as the legislation was introduced in the Senate and House of Representatives.
The bill "would give trade remedies to American businesses and workers. It would send a clear message to China -- and any other country considering currency manipulation -- that this practice is unacceptable," he said.
"Our laws must provide mechanisms to cite countries for manipulating their currency and also provide remedies, so US workers are not put at a competitive disadvantage," said Democratic Senator Debbie Stabenow.
US lawmakers target China currency policy
With angry words for China, US lawmakers unveiled a plan to retaliate against countries that allegedly manipulate their currencies to snare an edge in international trade.
"The time has come for Congress to stand up for American workers and not allow China to run roughshod over the American economy. With this legislation we will finally force China to stop cheating and level the playing field for America's manufacturers," said Republican Representative Tim Murphy.
The Currency Reform for Fair Trade Act, backed by Republicans and Democrats as well as business groups and major labor unions, aims to use US anti-dumping and countervailing duties to strike back at prolonged currency manipulation. US lawmakers have long accused Beijing of keeping the yuan, or renminbi, artificially low -- a step that would boost its exports by making Chinese products less expensive relative to US goods on global markets. "It's time to treat illegal currency intervention like the outrageous trade subsidy it is," Republican Senator Jim Bunning said as the legislation was introduced in the Senate and House of Representatives.
The bill "would give trade remedies to American businesses and workers. It would send a clear message to China -- and any other country considering currency manipulation -- that this practice is unacceptable," he said.
"Our laws must provide mechanisms to cite countries for manipulating their currency and also provide remedies, so US workers are not put at a competitive disadvantage," said Democratic Senator Debbie Stabenow.
