Yesterday, the US Senate passed legislation that allows US companies to seek duties to compensate against countries with “misaligned currencies.” US Senator Chuck Schumer stated, ““To those who say it’ll cause a trade war, we are in a trade war…We have our clocks cleaned every day and lose jobs every day because of unfair Chinese practices. To those who say China will retaliate, China has got far more to lose in this than we do.”
Instead of evaluating whether a currency was manipulated, the US Treasury is now charged with the task of identifying “misaligned” currencies. Then, the bill says … …READ MORE
Tag Archives: Senator Schumer
Senate wants to devalue
Wen Answers The Call
By now, most of you have read the comments by Chinese Premier Wen Jiabao at his annual press conference. However, there are some aspects worth expanding on for their importance. With arm sales to Taiwan, Dalai Lama meeting, and the Copenhagen climate talks all important areas for questions, the very first question he was asked and addressed dealt with the currency. This doesn’t happen randomly. Clearly, this issue is of critical importance to the Chinese. “First of all, I do not think the renminbi is undervalued…We are opposed to countries pointing fingers at each other or taking strong measures to … …READ MORE
