Senate Passes Bill to Sanction China Over Currency

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Senate Passes Bill to Sanction China Over Currency

Businessweek – The Senate voted Tuesday to threaten China with higher tariffs on Chinese products made cheap through an artificially undervalued currency, which lawmakers blame for destroying American jobs. The House, though, is unlikely to take up the bill, which some American businesses warn could trigger a trade war.

The 63-35 vote showed a broad bipartisan consensus that it is time to end diplomatic niceties with China and confront it over its aggressive trade policies.

“There are always people who don’t want to stand up to China and I think they are, frankly, undercutting our ability to stop the hemorrhaging in our manufacturing jobs,” said Sen. Sherrod Brown, D-Ohio.