The Senate, seizing on the argument that the American jobs crisis is partly China’s fault, voted Monday to move forward with tough trade legislation that would impose tariffs on some Chinese goods to punish Beijing for keeping its currency artificially depressed. The bill, which faces an uphill battle from both the Republican-controlled House and a reluctant White House, would require the Treasury Department to determine whether China is manipulating its currency, and then order the Commerce Department to impose retaliatory tariffs on certain Chinese goods. China intervenes in currency markets to keep the value of its currency, the renminbi, artificially low, which makes Chinese goods cheaper in the United States — a practice that lawmakers and some economists say undercuts American businesses and worsens the nation’s jobless rate. Read more at NYT
Tuesday, October 04, 2011
Democrats Pretend to Care
There's only one reason democrats are pushing this bill and that is they know it will never get through the House. Democrats are cowards in that regard. This is pure political move. If you can't tell, I've had it up to HERE with the democrats.
Posted by Olga at 5:42 PM