U.S. Lawmakers Target China in Tax Bill

Dec. 13, 2010
Senator Snowe charged that paper producers in her home state of Maine 'have been harmed by China's mercantilist trade practices.'

Two U.S. Senators on Dec, 13 sought to attach legislation targeting China over alleged currency manipulation to a bill championed by President Barack Obama to avert a massive New Year's tax cut.

Republican Olympia Snowe and Democrat Sherrod Brown said they had introduced the "Currency Reform for Fair Trade Act" as an amendment to the tax measure, which was expected to clear a critical test vote later in the day.

Their measure would direct the Commerce Department to treat deliberate currency undervaluation as a forbidden export subsidy, paving the way to countervailing duties on exports from the offending country.

Snowe charged that paper producers in her home state of Maine "have been harmed by China's mercantilist trade practices" -- specifically, Beijing's alleged efforts to keep its currency, and thus its exports, artificially cheap.

"Unfortunately, the silence of our government on currency manipulation has become the silence of our factories," she said.

"Addressing Chinese currency manipulation is vital to getting our economy back on track," said Brown, who labeled China "a country that refuses to play by the rules when it comes to trade."

The China measure's fate was unclear: While the House of Representatives easily approved the bill by a 348-79 margin in September, the White House has resisted formal action against Beijing on the currency front.

Copyright Agence France-Presse, 2010

Popular Sponsored Recommendations

3D Printing a More Efficient Factory Floor

Nov. 16, 2023
Today’s additive manufacturing platforms make it simple to print a wide range of high-performing industrial parts as soon as possible and right where you need them — unlocking...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Powering Up Productivity: The Transformative Power of AP Automation in Manufacturing

Oct. 25, 2023
Discover how AP Automation is revolutionizing the manufacturing industry, driving efficiency, cost savings, and security. In today's world, automation is the key to staying competitive...

Process Mining For Dummies

Nov. 19, 2023
Here it is. Everything you need to know about process mining in a single book, written in the easy-to-understand, hard-to-forget style that ‘For Dummies’ manages so effortlessly...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!