Arab Today, arab today china currency bill faces key us senate vote
Last Updated : GMT 21:20:40
Arab Today, arab today
Arab Today, arab today

China currency bill faces key US Senate vote

Arab Today, arab today

Arab Today, arab today China currency bill faces key US Senate vote

Beijing - AFP

Defying long odds and opposition from China, the US business community and the White House, the US Senate presses ahead Thursday with a measure to punish Beijing for its alleged currency manipulation. The bill, which calls for retaliatory tariffs on Chinese goods if the yuan is found to be unfairly "misaligned," faces a critical procedural vote set for 10:30 am (1430 GMT) in which it will need support from 60 senators to survive. But even then it would need a final ballot in the Democratic-led Senate -- and would face an uphill fight in the Republican-held House of Representatives, where Speaker John Boehner has signalled the "dangerous" legislation will die. Aides say it could return to life if China's currency somehow became a core dispute as President Barack Obama faces off with his as-yet undetermined Republican foe ahead of the November 2012 elections. That contest is sure to turn on deep voter anger at the sour economy's sluggish recovery from the global meltdown of 2007-2008, with stubbornly high unemployment of over nine percent a drag on Obama's bid for a second term. Known to oppose the bill in private, the White House on Wednesday said it was lobbying Congress to address "concerns" that the legislation could violate US obligations under international trade rules. But spokesman Jay Carney said that the White House shared the view that China's currency needed to appreciate to what Washington says is a fairer value and agreed American workers needed a "level playing field." Few in Washington challenge the charge that China keeps the yuan unfairly low against the dollar, giving its goods as much as a 30 percent edge over comparable US products, widening the US trade deficit and costing US jobs. But the measure's opponents say it risks sparking a trade war with China, and say a rise in the yuan will boost manufacturing and therefore jobs in countries like Vietnam or Malaysia -- not in the United States. And they say 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 have said it's time for Washington to take on Beijing, and predict a boost in the yuan will making Chinese workers wealthier and more likely to buy US goods -- creating jobs and narrowing the trade gap. They have also said 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. China's top newspaper -- the People's Daily, seen as the Communist Party's mouthpiece -- slammed US lawmakers on Wednesday for touting the bill as a cure-all for economic troubles they have failed to address. "Faced with the discontent of the American people, some US lawmakers are using the Chinese currency to pass the buck over their political incompetence," said the paper, echoing angry denunciations from Chinese officials all week. Those attacks drew a scathing response Wednesday from Democratic Senator Sherrod Brown, the legislation's top champion, who compared decisionmakers in Beijing to a "pack of dogs" yelping in anger at the bill. "Where I come from, they say when you throw a rock at a pack of dogs, the one that yelps is the one you hit," he said in a speech on the Senate floor. "Of course the Chinese are going to yelp because they don't like this." The senator, who represents the rust-belt heartland state of Ohio, pointed to a chorus of condemnation from Beijing against the bill, and said "they're not happy when we do this, but that doesn't mean it's not the right thing." "We're saying to them you've got to follow the rules, no more breaking the rules. You can't cheat the way you've cheated," he said. But 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.  

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*

Arab Today, arab today china currency bill faces key us senate vote Arab Today, arab today china currency bill faces key us senate vote

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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