In a surprise move, Democrats and Republicans have written a bill threatening China with a heavy tariff increase on its exports to the United States unless Beijing ceases intentional manipulation of the yuan and agrees to strengthen the currency significantly against the dollar in the near future.
Currently, three US Senators Charles Schumer of New York, Lindsey Graham of South Carolina, and Tom Coburn of Oklahoma are in China on a fact finding mission. Depending on what they uncover there, the three senators may put the tariffs to a vote by the congress by the end of the month.
Why is the valuing of Chinas currency so important to these senators and the US? The senators are arguing that China is manipulating and unfairly undervaluing its currency by 40%. The senators are also saying that this has led to a major loss of jobs within their states and a $202b trade deficit with China.
The senators have made it clear that if China refuses to allow a significant revaluing of its currency then they will table the Schumer Graham China Free Trade bill that will levy a hefty 27.5% tariff across the board on all imports from China. The US Senators also boldly...
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