[CTC] "Buy American" becoming priority as we enter campaign season

[Andrew Gussert]

(More Background and news at
http://www.citizenstrade.org/chinacurrencymanipulation.php )

 

Hoyer Says House Will Debate China Currency Manipulation Bill

By James Rowley - Jul 20, 2010 

 

The U.S. House will debate legislation to authorize trade sanctions against
China for currency manipulation as part of a package of measures to promote
U.S. manufacturing, House Majority Leader Steny Hoyer said. 

 

The measure, sponsored by Representative Tim Ryan, an Ohio Democrat, would
authorize imposition of countervailing duties on China's exports to the U.S.
if authorities determined that the renminbi is undervalued by at least 5
percent on average for 18 months. 

 

The measure, which would amend the 1930 Tariff Act that forbids subsidies of
products imported into the U.S., would apply to all other foreign
currencies. 

 

Hoyer told reporters the legislation, still in committee, would be debated
as part of a package of 18 to 20 measures designed to promote manufacturing.
Other measures include tax credits to "expand manufacturing, job producing
capacity here in America, for working men and women," said Hoyer, a Maryland
Democrat. 

 

House leaders are still determining the amount of tax breaks for
manufacturers that would be included in the package, he said. 

 

Similar currency legislation sponsored by Democratic Senator Charles E.
Schumer of New York is pending in the Senate. Schumer said last month he
would move "shortly" to force a vote on the measure. 

 

China said on June 19 that it would end the peg of its currency to the U.S.
dollar. It said the next day that any appreciation of the yuan wouldn't be
rapid. 

 

http://www.bloomberg.com/news/2010-07-20/u-s-house-to-debate-sanctions-

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