posted on Oct, 4 2011 @ 12:18 AM
China warned Washington it is "adamantly opposed" to a proposed U.S. bill aimed at forcing Beijing to let its currency rise, saying its passage could
lead to a trade war between the world's top two economies.
The full article is at Reuters
I for one, at least at this point, would welcome a trade war with China. Maybe then Americans would quit outsourcing and work on manufacturing our
own goods. If this opinion is ignorant, please feel free to debate below. I consider all reasonable responses and welcome opinions.
More Breaking News...
This bill has only been approved for debate by the Senate and must pass there, and in the House and be signed into law the Obama.
The Senate voted 79 to 19 for opening a debate on Currency Exchange Rate Oversight Reform Act of 2011. The move does not imply that the Senate has
passed the bill, but it is the last procedure before the Senate votes on the measure. The bill now has to be approved by both Houses of the U.S.
Congress and signed into law by President Barack Obama for it to come into effect. The final Senate vote on the measure is expected later this
The bill does not even specify China. By coming out and saying that China considers this bill's passing as a possible opening to a Trade War, China
has basically admitted what they are doing.
Although the bill does not explicitly name China as one of the offenders, U.S. lawmakers have accused Beijing in the past of keeping the value of yuan
artificially low to boot the country's exports by giving Chinese goods an unfair advantage over American-made products. Beijing, however, has rejected
The US is one of, if not the top, trading partner for China. The value of their exports would decrease significantly if the US forced tariffs on
their goods, or if they forced the US into a Trade War.
The United States is currently one of the major trading partners of China, which incidentally is the world's largest exporter. The U.S. and China's
other key trading partners have been urging Beijing to ease exchange rate controls as the undervalued Yuan gives the Communist State an unfair
advantage by making its exports cheaper.
Read the second article here RTT News
Mods: Apologies if this is in the wrong place. Please move if necessary.
edit on 10/4/11 by Ameilia because: To add more breaking