RealNews

Senators drop bid for punitive U.S. tariffs on China

The main backers of a controversial Senate bill aimed at forcing China to revalue its currency said on Thursday they would abandon that legislation in favor of a new bill they plan to develop early next year. Sen. Charles Schumer (news, bio, voting record), a New York Democrat, and Sen. Lindsey Graham (news, bio, voting record), a South Carolina Republican, told reporters they had accomplished their goal of focusing more attention on China’s strict exchange rate controls, which they believe gives Chinese companies an unfair trade advantage. Full Story

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