Several big stories hit the financial news this past week but the real significance of these stories were not discussed anywhere. Number one, the U.S. Congress pushed to file unfair trade practices against China, stating that the Bush administrations quiet behind-the-scenes negotiation strategy was unacceptable as a tactic to bring economic reform to China. In another story this week, these words appeared – Rather than serve as “an apologist” for China, “I hope the administration will join this team,” Sen. Lindsey Graham, R-S.C., told reporters after testifying before the Senate Finance Committee in the second hearing on China’s economic and currency policies in two days.
This article reported that Congress aimed to pass bi-partisan veto-proof legislation that will force the Chinese Yuan to appreciate against the dollar. American manufacturers have claimed that the Chinese governments unfair manipulation of their currency has hurt them and their Congressmen are listening. Then finally at the end of the week, this headline appeared in an article: The U.S. Commerce Department announced sanctions against paper imports from China, the...
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