china currency bill set to clear us senate
Last Updated : GMT 02:37:21
Arab Today, arab today
Arab Today, arab today

China currency bill set to clear US Senate

Arab Today, arab today

Arab Today, arab today China currency bill set to clear US Senate

Washington - AFP

Defying Chinese anger and White House warnings, the US Senate was set Tuesday to approve legislation to punish China for alleged currency manipulation widely blamed here for costing American jobs. The proposal, powered by a tide of US voter frustration at a sour economy and high unemployment ahead of November 2012 elections, envisions retaliatory duties on Chinese exports if the yuan\'s value is unfairly \"misaligned.\" The Democratic-held Senate was due to approve the measure after 5:30 pm (2130 GMT), shifting the spotlight to the Republican-led House of Representatives, where Speaker John Boehner has condemned the \"dangerous\" bill. \"You could start a trade war. And a trade war, given the economic uncertainty here and all around the world -- it\'s just very dangerous, and we should not be engaged in this,\" Boehner said recently. US President Barack Obama last week stopped well short of backing the legislation and worried it could violate World Trade Organization (WTO) rules even as he mounted an unsparing attack on China\'s trade policies. \"China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States,\" he declared at a White House press conference. Few in Washington dispute the charge that China keeps the yuan unfairly low against the dollar, giving its goods as much as a 30 percent edge over similar US products, widening the American trade deficit and costing jobs here. But the measure\'s opponents warn that it risks sparking a trade war with China, and say a rise in the yuan will boost manufacturing and therefore jobs in countries such as Vietnam or Malaysia -- not in the United States. They also contend that, if successful, the bill will increase the cost of commodities or consumer goods from China, hurting rather than helping US businesses and families. The legislation\'s backers, an unusual coalition of Democrats and Republicans, have said it\'s time for Washington to take on Beijing, and predict a boost in the yuan will make Chinese workers wealthier and more likely to buy US goods, thus creating jobs and narrowing the trade gap. They also say that current US law and multinational dispute mechanisms have failed to curb what they call Beijing\'s unfair practices, which also include favoring Chinese producers for government contracts and tolerating rampant intellectual piracy. Republican House leaders have pointed out that Obama\'s Treasury Department has refrained from labeling China a currency cheat and said they have no plans to bring the legislation up for a vote, effectively killing it. But House aides say it could return to life if the issue somehow became a core dispute as Obama faces off with his as-yet-undetermined Republican foe ahead of next year\'s elections. The bill would empower US businesses and, in some cases, labor unions to trigger a US government investigation into alleged currency manipulation and seek retaliatory duties on the offending country\'s exports. It also aims to make it harder for the US Treasury to stop short of labeling China a currency manipulator and to restrict the White House\'s ability to waive the resulting sanctions. China, which has let the yuan rise against the dollar as it faces stubbornly high inflation at home, has repeatedly denounced the bill and on Sunday urged Washington to set it aside. In a statement, Beijing\'s foreign ministry reiterated its \"firm opposition\" to the bill. \"China... urges the United States to abandon protectionism and stop putting pressure on China using domestic legislation,\" it said. The legislation has split the top two Republican White House contenders, with Texas Governor Rick Perry opposing it and former Massachusetts governor Mitt Romney saying he would confront China on his first day in office.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china currency bill set to clear us senate china currency bill set to clear us senate

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china currency bill set to clear us senate china currency bill set to clear us senate

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday