Friday, September 24, 2010US Congress moves on China currency
Washington, A US Congress committee on Friday voted to open the way for retaliation against China over its currency, saying Beijing had failed to fulfill promises to let the yuan appreciate.
Charging that China was deliberately undervaluing the yuan to boost exports, the House Ways and Means Committee voted to allow tariffs on foreign goods due to currency value. Under current law, the Commerce Department can only impose tariffs if a foreign nation directly subsidises an export.
The committee sent the bill to the full House, which is expected to vote on the measure in the coming weeks.
Members of the minority Republican Party opposed the bill, accusing President Barack Obama's Democratic Party of seizing on the measure as a last-ditch political measure ahead of tough November 2 elections.
http://www.einnews.com/news.php?vid=bHNNd6EnJZURkFNj
