Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Gilles Kepel, Islamic and Arab world specialist

Read more

BUSINESS DAILY

Argentina braced for another debt default

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

MEDIAWATCH

'What would you do?'

Read more

AFRICA NEWS

Ebola virus: Liberia shuts most border points

Read more

IN THE PAPERS

Netanyahu says Gaza operation will not end quickly

Read more

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

#TECH 24

Internet of Things

Read more

  • Israeli strikes target symbols of Hamas power

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Argentina in last-ditch effort to avert default

    Read more

  • Karzai’s cousin killed in Afghan suicide attack

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • France offers asylum to Iraqi Christians

    Read more

  • Moroccan police arrest French al-Qaeda recruiter

    Read more

  • Israel warns of ‘prolonged’ campaign in Gaza

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

  • Luc Besson’s sci-fi thriller ‘Lucy’ tops US box office

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

Business

US approves sanctions against China in ongoing currency dispute

Text by News Wires

Latest update : 2010-09-24

In the ongoing currency war between the United States and China, the former launched a broadside Friday. A US congress commission approved a law aimed against the import of certain Chinese goods.

AFP - 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 expand the powers of the Commerce Department to allow it to impose tariffs due to currency manipulation.
  
Under longstanding regulations, the Commerce Department can only impose tariffs on foreign goods if the producer country directly subsidies an export.
  
The committee sent the bill to the full House, which is expected to vote on the measure in the coming weeks.
  
"China's exchange rate policy has a major impact on American businesses, and American jobs, which is what this is all about," said Representative Sandy Levin, a member of President Barack Obama's Democratic Party from economically struggling Michigan.
  
Levin, who chairs the Ways and Means Committee, which handles tax policy, said that the yuan's appreciation had been miniscule despite China's pledges in the face of pressure ahead of the Group of 20 summit in June.
  
"Additional measures are necessary, and that is why we are here today," Levin said.
  
But 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.
  
The House committee voted one day after Obama met in New York with Chinese Premier Wen Jiabao, devoting much of his two-hour meeting to the economy and insisting that Beijing needs to do more to revalue its yuan currency.
  
But Wen made clear in a speech this week that China was not ready to allow a drastic revaluation of its yuan, saying that Chinese companies risked going bankrupt if Beijing yields to US pressure.

Date created : 2010-09-24

  • INTERNATIONAL TRADE

    US Treasury gets tough on China's currency policy

    Read more

COMMENT(S)