China is full of shit. WE all know this, only a matter of time before the shit starts to stink. Strike one up for the House of Reps as they have approved legislation seeking to impose trade "sanctions against China and other nations for manipulating their currency to gain trade advantages" Ap writes. This reminds me of China car sales, they rise year over year yet gasoline consumptions remains flat.. Yah makes sense.
(AP writes) The 348-79 vote Wednesday sends the measure to the Senate, where its prospects are unclear. Senate supporters hope to get a vote on a similar proposal after Congress returns following the November congressional elections.
Supporters said the bill would allow the Obama administration to pressure China on an issue that they say has led to the loss of more than 2 million manufacturing jobs in the U.S. over the past decade.
The vote came as lawmakers scrambled to wrap up unfinished business so they can hit the campaign trail with a little over a month before the Nov. 2 elections. Polls show that the state of the economy and an unemployment rate that remains stuck at 9.6 percent are the top concerns of voters.
The measure was passed by a wide margin with 99 Republicans joining Democrats to vote yes. Those
in opposition included 74 Republicans and five Democrats.
Supporters said the size of the vote should send a strong message to Beijing that Washington will not tolerate currency manipulation and other trade practices viewed as unfair to American workers.
China quickly rejected the legislation, however, saying the U.S. could not "impose such protectionist measures."
"This measure does not fit World Trade Organization rules," Commerce Ministry spokesman Yao Jian said in a statement carried Thursday by the official Xinhua News Agency. Yao gave no indication whether Beijing might retaliate for the bill.
House Speaker Nancy Pelosi said that in 20 years America's trade deficit with China has gone from $5 billion annually to $5 billion every week, an imbalance she said demanded action by Congress to protect American jobs.
By Sell Puts
