October 3rd, 2011
02:53 PM ET
11 years ago
Senate takes aim at China's currency
Washington (CNNMoney) - The Senate is taking a swipe at China's undervalued currency - long accused of hampering the U.S. economy by spurring global trade imbalances and economic hardship for U.S. manufacturers.
The Senate is considering a bill that would slap new duties on imports from nations whose currency is undervalued - a provision aimed squarely at China. If it clears a test vote Monday, the measure could be passed by the Senate later this week.
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I guess that once some corporations that set up manufacturing in China realized that there are some Chinese manufacturing sites creating identical products, it is time to get involved with balancing trade. For example, the Apple IPhone is manufactured in China. Over the past several months, look-alike Apple stores have been popping up across China selling not the Apple IPhone, but a Chinese manufactured version of it. Good luck moving your manufacturing overseas, suckers.