US divided on China as currency bill advances

[dustup]

• Tweet

The US Senate pressed ahead Tuesday with a bill to punish China for its alleged currency manipulation as a new poll showed Americans sharply divided by party on whether Beijing is friend or foe.

Just 38 percent of Republican respondents in a CBS News/Vanity Fair survey said China was an "ally," against 52 percent of Democrats and 42 percent of independents saying the same with the US presidential campaign heating up.

Fifty-five percent of Republicans said Beijing was an "enemy," against 34 percent of Democrats and 42 percent of independents, according to the poll, which had an overall error margin of plus or minus three percentage points.

Seven percent of Republicans, 14 percent of Democrats and 16 percent of independents said they were unsure in which category to put China, which is widely blamed for US jobs losses, especially in the manufacturing sector.

The poll, which was released Monday, came as senators pressed ahead with legislation that envisions imposing retaliatory tariffs on Chinese imports if Beijing's currency is found to be unfairly "misaligned."

Lawmakers of both major US parties charge that China keeps the yuan unfairly cheap against the dollar, giving its goods as much as a 30 percent edge over comparable US products.

The bill was expected to clear the Senate this week, but the House of Representatives' Republican leaders have made clear they have no plans to bring it to a vote in that chamber, stalling the bill indefinitely.

More here: http://news.yahoo.com/us-senate-china-currency-bill-053532166.html

LOL! we are punishing our lender......they will raise interest rates or refuse another loan to bailout America....

[dustup]

As if the US FRB doesn't manipulate the dollar China may be paying the US back for their own sins.....

[dustup]

Vote on currency bill set to next week

Controversial move on renminbi gets US politicians bickering......(*China loves this)

BEIJING / Washington - The US Senate on Thursday put off the final vote on a currency bill - which could lead to levies on Chinese goods - because of disputes between Republicans and Democrats over amendments.

If passed, the bill would prompt an investigation into whether China was keeping the value of its currency low. It will be put to a vote on Tuesday.

"The delay reflects that US lawmakers have not reached a consensus on whether the currency tool is an effective way to pressure China," said Ding Zhijie, a professor at University of International Business and Economics.

"They are also concerned that it may not be a good time now to embrace a trade war with China given the economic uncertainties in the US and the world," Ding said.

US President Barack Obama on Thursday expressed concerns about the Senate's currency bill, saying that it should be consistent with the United States' international trade obligations.

Nonetheless, Obama accused China of "gaming" the trading system to its own advantage and to the disadvantage of other countries, particularly the US. He said that the yuan has appreciated to some extent over the last year though it has not met the expectation of the US side.

"It is easy for the US to make China a scapegoat of its domestic problems at a time when its economy remains weak with a high unemployment rate and the next general election only 13 months away," said Xu Mingqi, deputy director of the Institute of the World Economy at the Shanghai Academy of Social Sciences.
more here: http://www.chinadaily.com.cn/china/2011-10/08/content_13845736.htm

ZING!