Washington – The Senate has voted to punish China for keeping its currency undervalued against the dollar.
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Many see China’s currency policy as a big factor in the flood of Chinese imports that has led to American factories shutting down and workers getting laid off.
The 63-35 vote Tuesday evening shows the growing anger over the U.S. trade relation with China. The Asian nation built up a $273 billion surplus last year bolstered by monetary policy that makes its exports cheaper and American sales to China more expensive.
But the bill to punish China is likely to hit a dead end in the House.
House Republican leaders agree with many business groups that unilateral action against China could spark a trade war. The Obama administration has indicated a preference for diplomatic persuasion.
it’s about time someone takes America back to its citizens – betcha its the Republicans
American workers earn more than the Chinese. American industries have more regulations than Chinese industries. American benefits for workers are more than what the Chinese receive. Even if China’s currency was not undervalued, these factors would have an effect on the sale of American products. American sales to China may be more expensive, but do American sales to Americans have to be more expensive than Chinese goods?