House Panel Approves Bill Threatening Duties on China for 'Undervalued Currency'

Duties on what ?

 

"Rules would allow estimates of currency undervaluation to be used to calculate "countervailing duties" against imports that were deemed to be state-subsidized."

I guess everything.

 

You won´t wait for too long for the Chinese response on this. The Japanese have learned their lesson...

 

Sad days...

I suppose the Chinese can counter claim the same based on our Govt bailouts and subsidies.

 

Bite the hand that feeds.

US GOV sold us to the China and now the wana fuck with a Hornest nest because the Administration is seeing their Demise in NOV.

Stupid fucking move.

"I CAN BREAK YOU 10X OVER, GECKO, YOUD SELL YOUR MOTHER AND SEND HER COD".

However, China may not be so nice if this continues.

 

they can also slap trade sanctions on the USA

 

No real need to do any of that...

All they have to do is to decrease their purchases of Treasuries!

Then watch the US economy tank.

 

Instead they are getting rid of them and moving into JGB´s...

 

Sept. 24 (Bloomberg) -- The House will vote next week on legislation pressing China to raise the value of its currency, after a panel today approved the measure showing support for U.S. manufacturers before the November election.

The Ways and Means Committee adopted the measure by voice vote after the panel’s top Republican, Dave Camp of Michigan, joined Democrats in endorsing the bill. Panel Chairman Sander Levin of Michigan, a Democrat, said the full House will vote on the legislation on Sept. 29.

The measure would let companies petition for higher duties on imports from China to compensate for the effect of a weak currency. President Barack Obama “does not take a position on this specific legislation,” Jeff Bader, his director of Asian affairs, said yesterday.

“China’s exchange-rate policy has a major impact on American businesses, and American jobs, which is what this is all about,” Levin said before the vote.

The U.S. trade deficit with China widened to $145 billion in the first seven.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=at4dI5cx25Oc&pos=8

 

all this does is increase price for importers and decrease sales...sales tax drop...but no new net gains in jobs in the short term.

manufacturing like clothing shoes are labor intensive. manufacturing like toys and clothes..is like how much of the economy and jobs?

result: net job losses as retailers and wholesalers layoff workers from reduce prices of imported products.

it'll just crash the china economy as it's dependent on US economy for retail products american consumers don't need. demand for commodities just decrease and China would put it's own tarriffs...trade war.