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China's yuan strengthens, while Senate debates bill (2)

(People's Daily Online)

14:07, October 11, 2011

Meanwhile, the U.S. Senate is expected to deliberate and approve legislation to impose tariffs on Chinese exports in its attempt to coerce Beijing to appreciate the yuan. Supporters of the bill say the measure will make American manufacturers more competitive and bring jobs back to America.

The bill enjoys broad bipartisan support from senators who have been hearing complaints from constituents blaming competition from China for shuttering U.S. factories and putting Americans out of work.

But the bill faces an uncertain future, the Associated Press reported.

House Speaker John Boehner opposes it and may never bring it to the House floor. Obama and the White House, while avoiding a position on the bill, have warned against unilateral action that might violate international trading rules. American companies doing business in China warn that it could spark a devastating trade war.

"In the end, such unilateral action would very likely cause retaliation by China and ultimately damage the U.S. economy, including exporters, investors, workers and consumers," U.S. Chamber of Commerce vice president for government affairs Bruce Josten wrote in a letter to senators.

Opponents of the bill argue that the currency sanctions would do little to help the U.S. job market because more expensive Chinese goods would simply be replaced by goods from other low-wage countries such as Vietnam and Bangladesh.

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Leave your comment3 comments

  1. Name

PD User at 2011-10-27129.94.125.*
is the yuan raises, the economy would die as all the manufacturing will go to a cheaper country like india
Observer at 2011-10-12180.190.163.*
Funny how the Yuan rises when the US debates whether to penalize it for being artificially undervalued, huh?
Reuben from Denver at 2011-10-1265.101.216.*
China will blink first and raise its currency. It cannot withstand a trade war with the US. China needs to raise worker wages and re-balance its economy.

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