Lawmakers to Unveil Currency Bill
Wednesday, June 13, 2007 - FreeMarketNews.com
The Senate is prepared to unveil a bipartisan bill Wednesday that could outline U.S. responses when other nations, including China, "unfairly" undervalue their currency, according to AFP.Some lawmakers are calling for trade sanctions against China, including a possible 20 percent across the board tariff on Chinese goods. The United States argues China undervalues the yuan, making U.S. exports cheaper and causing a huge U.S.-China trade deficit.China warned the United States Tuesday of unspecific countermeasures should lawmakers decide to impose high tariffs, according to a separate AFP story. Qin Gang, a Chinese foreign ministry spokesman, said the United States has no right to determine the value of Chinese currency.
The Senate is prepared to unveil a bipartisan bill Wednesday that could outline U.S. responses when other nations, including China, "unfairly" undervalue their currency, according to AFP.Some lawmakers are calling for trade sanctions against China, including a possible 20 percent across the board tariff on Chinese goods. The United States argues China undervalues the yuan, making U.S. exports cheaper and causing a huge U.S.-China trade deficit.China warned the United States Tuesday of unspecific countermeasures should lawmakers decide to impose high tariffs, according to a separate AFP story. Qin Gang, a Chinese foreign ministry spokesman, said the United States has no right to determine the value of Chinese currency.
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