Friday, 14 October 2011 13:51 |
In a rare showing of bipartisanship, the Senate passed a bill on Tuesday targeting China's undervalued currency and angering Chinese officials who have warned of a "trade war." The Senate voted 63-35 to slap new duties on imports from nations whose currency is undervalued, a provision aimed squarely at China's yuan, which has long been accused of hampering the US economy. Lawmakers say the bill is intended to help US businesses hurt by ongoing global trade imbalances and lost business to Asian nations. But the Republican-controlled House won't take up the bill, Speaker John Boehner has said, making Senate passage more of a political exercise than an attempt at legislating. Boehner has called the bill "dangerous." Prof. Michael Czinkota, an associate professor of international business at Georgetown's McDonough School of Business, and Amos Gleb, a professor at Northwestern University's Medill School of Journalism, discuss the new legislation.
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