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Senate passes bill to sanction China over currency

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posted on Oct, 11 2011 @ 05:49 PM
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WASHINGTON (AP) -- The Senate has voted to punish China for keeping its currency undervalued against the dollar.

Many see China's currency policy as a big factor in the flood of Chinese imports that has led to American factories shutting down and workers getting laid off.

The 63-35 vote Tuesday evening shows the growing anger over the U.S. trade relation with China. The Asian nation built up a $273 billion surplus last year bolstered by monetary policy that makes its exports cheaper and American sales to China more expensive.

But the bill to punish China is likely to hit a dead end in the House.

House Republican leaders agree with many business groups that unilateral action against China could spark a trade war. The Obama administration has indicated a preference for diplomatic persuasion.


There is no ‘diplomatic persuasion’ and American workers would prefer that our Congressmen look out for our interests not the global trade structure, which as it stands today is rigged against us. In the end I cannot foresee this passing the House or being signed by President Obama. All just more show because they are not serious about protecting us, our families, our communities, or our livelihoods. Just more politics-as-usual from this do nothing good government.

China warns of trade war if U.S. bill passes




posted on Oct, 11 2011 @ 05:57 PM
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First the Iran plot , now this . Got a very bad feeling about what may be coming down the pipe in the future .



posted on Oct, 11 2011 @ 05:57 PM
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I'm still trying to figure out how exactly they'll have a trade war with us. We're the ones buying their goods; we're the ones with major investments in factories in their country.

What exactly are they going to do? Stop selling us stuff?



posted on Oct, 11 2011 @ 06:03 PM
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There is a simple solution to the problem with China...buy American! I know in this day and age it's hard to try and buy only American products, but what if we just simply do not buy products from China?



posted on Oct, 11 2011 @ 06:04 PM
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reply to post by AnIntellectualRedneck
 

Well, it will be interesting if they change their attitude toward OUR factories and decide they are more like THEIR factories in calling notes we owe them for Debt. They'd let us work out the details with the American companies caught in the middle.

China is a real BAD target for U.S. Politicians to lash out at in temper tantrums. Just a casual flash of their backhand and America is suffering hardships for years. China never really HAS cared all that much about their individuals anyway (Tienanmen Square anyone?)..so why would they even care much if it DID hurt their population a bit in the process? It's not like they can actually do much about it anyway. Kinda like us, now that I think about it.



posted on Oct, 11 2011 @ 06:09 PM
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reply to post by Misoir
 


What they should do instead is pass a bill giving tax incentives for companies to bring their factory jobs back to the U.S. and tax penalties for sending jobs overseas to the point of making it financially illogical to do so. Then they could do just like China did with their import/export price manipulation. China has a surplus? They must be doing something right.



posted on Oct, 11 2011 @ 06:15 PM
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"The Senate has voted to punish China"

Who the F--- does the US think they are. "You didn't do what we want...therefore we are going to spank you."
(I'm not actually surprised......)

When one uses the word punish it generally means they have the authority to punish......I guess they do, seeing as they can do what they want with their own trade agreements. However, does the congress not realize that almost ALL their not so cheap no more products are from China, and that they also hold a large quantity of the earths rare earth metals needed for congresses very own defense gadgets?



posted on Oct, 11 2011 @ 06:17 PM
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I'm not from America, but wouldn't a simple solution be for the government to buy purely from America which will put more American businesses in profit and thus increase jobs and tax which will see a better overall return?



posted on Oct, 11 2011 @ 06:17 PM
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Will China view this as an Act of War ?

Smells like sanctions to me........



posted on Oct, 11 2011 @ 06:32 PM
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How about the US works on their problems here at home, instead of going after foreign countries.

If I cant keep control of my own household, why would I run down the street and start screwing with somebody elses house?



posted on Oct, 11 2011 @ 06:34 PM
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Originally posted by Q:1984A:1776
reply to post by Misoir
 


What they should do instead is pass a bill giving tax incentives for companies to bring their factory jobs back to the U.S. and tax penalties for sending jobs overseas to the point of making it financially illogical to do so. Then they could do just like China did with their import/export price manipulation. China has a surplus? They must be doing something right.


I agree. Why not pass legislation to bring manufacturing jobs back to the US? Even if China is severely devaluing their currency how is it their fault that corporations are moving there? If we can't, as Americans, come up with a way to keep those jobs here without condemning and lashing out at other nations then we deserve whatever we get.



posted on Oct, 11 2011 @ 09:00 PM
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Of course the House won't pass it. The massive corporate backers of the GOP need free trade so that they can make the most money possible. The Republicans are ideologically opposed to Buy American.



posted on Oct, 11 2011 @ 09:06 PM
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You think inflation is bad now, wait till china says OK, we've got enough money to keep us going for quite some time, let's see how long you can go without borrowing our money and being able to buy our cheap products. The US doesn't have a manufacturing base anymore. Supply and demand, it's like trying to negotiate with gravity, if they cut the US off from it's slave labor goods, prices for everything would skyrocket.



posted on Oct, 11 2011 @ 09:26 PM
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This was LONG overdue.

They should also start addressing the trade imbalances and free-trade agreements that do nothing but send jobs overseas.

China has been stealing our technology and selling cheap knockoffs abroad for too long as well, there's a new cold war brewing, ans it will be over China's refusal to crack down on their industries stealing patents, trademarks, and technology and selling it dirt cheap. One day the US navy will have to begin embargoing Chinese ships on the high seas to bring this practice to a halt.



posted on Oct, 11 2011 @ 09:28 PM
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GOOD !!

and when china with it's single A credit rating tries to talk tough, just remember thay sell more stuff to the US than the US sells to china, so any "trade war" will hurr them more

'bout time the US showed some guts



posted on Oct, 11 2011 @ 09:29 PM
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Dog and pony nonsense.

Let me see someone who has some balls in congress. Let me see someone come out in public and demand the end to these free trade treaty scams ASAP.



posted on Oct, 11 2011 @ 09:32 PM
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talk about ignorant even if the bill passed who going to stop americans buying chinese products and the government borrowing money from them.

thats ridculous thing i have ever heard government sanctions will only hurt us what are they thinking?



posted on Oct, 12 2011 @ 03:46 AM
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Oh boo hoo you poor americans that think punishing china is a good idea, your government is just showing its true colours (we own the world do as we say attitude) pull ya heads in, who are you guys to say how a country should run itself meanwhile you run your own into the ground.

Maybe a better idea it to punish the greedy corporations that send the jobs oversea's to make them use local labour?????



posted on Oct, 12 2011 @ 04:10 AM
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The US...punishing China?



Sorry, hold on, hold on...



You really got some nerve there.



posted on Oct, 12 2011 @ 10:11 AM
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Originally posted by watchdog8110
First the Iran plot , now this . Got a very bad feeling about what may be coming down the pipe in the future .


LOL agree. Seems that the united states are just trying to make everyone mad over seas. And then we go and say, "oh no, it's not our fault, we are just doing it for our own good"
edit on 12-10-2011 by Gwampo because: (no reason given)



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