Arab Today, arab today us senate to move next week on china bill
Last Updated : GMT 10:29:20
Arab Today, arab today
Arab Today, arab today

US Senate to move next week on China bill

Arab Today, arab today

Arab Today, arab today US Senate to move next week on China bill

Beijing - AFP

The US Senate will move forward next week with a bill to punish China over its alleged currency manipulation, Democratic Majority Leader Harry Reid said Monday, predicting the legislation will pass. "China trade is a jobs bill that's been long, long overdue. It's a bipartisan bill and I feel very comfortable we're going to pass it," Reid told reporters at a press conference, using shorthand for the proposal. Reid said that "next week" the Democratic-led chamber will "start our work on trade matters" including the legislation on China's currency, though it was unclear when the bill would come to a final vote. The measure aims to make it harder for the US Treasury Department to avoid labeling Beijing a currency cheat, triggering various sanctions, while making it easier for US companies to seek retaliatory tariffs on Chinese goods. Senators unveiled the bill last week amid deep anger at stubbornly high US unemployment of over nine percent, with the sour economy the top issue on voters' minds as the race to the November 2012 elections heated up. But its fate is unclear: The White House opposes it, and Republican leaders in the House of Representatives have no plans to bring similar measures to votes in that chamber, according to a leadership aide. The bill, which has support from several key Democrats and Republicans, would empower US businesses and, in some cases, labor unions to trigger a US Commerce Department investigation into alleged currency manipulation. It also rewrites the law to make it harder for the US Treasury Department to stop short of declaring China a currency manipulator and makes manipulation punishable with countervailing duties on the offending country's goods. And the bill aims to restrict the White House's ability to waive the resulting sanctions, notably by requiring reports to Congress detailing how the adverse of taking action outweigh the benefits. An army of 51 US industry groups this week stepped up efforts to block such legislation, warning in a letter to senators that it could spark a "counterproductive" trade war. But a study released this week by the left-of-center Economic Policy Institute found that the US trade deficit with China has eliminated or displaced nearly 2.8 million jobs since 2001. And US lawmakers have increasingly criticized Beijing on other economic issues, including rampant intellectual property theft like pirated movies and "indigenous innovation" policies that favor Chinese businesses. In late 2010, Obama himself said in the heartland state of Iowa that the yuan was "undervalued" and was "a contributing factor" to the yawning US trade deficit with China. In May 2011, however, the US Treasury Department declined in a formal report to brand Beijing a currency manipulator. China has a history of allowing the yuan to strengthen slightly when it expects to come under heightened pressure over the value of its currency. China's leaders "get away with economic murder" by keeping the yuan, and thereby the country's exports, artificially cheap, Democratic Senator Chuck Schumer, a key backer of the bill, charged last week. Schumer, his party's number three in the Senate, said Obama opposed the measure but predicted "China will change its own behavior once this bill passes the Senate" in a vote expected in October. Schumer, asked why he felt optimistic about the measure given the failure of similar bills since 2005, replied: "Just wait and see. This one's coming up and it's going to pass and it's going to send a shot across China's bow." The Obama administration had no immediate comment on the bill.

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 us senate to move next week on china bill Arab Today, arab today us senate to move next week on china bill

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
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 Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
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 Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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