Schumer Joins Brown to Back Bill Combating China’s Weak Currency
Senators Charles Schumer of New York and Sherrod Brown of Ohio, both Democrats, urged support for legislation pushing China to raise the value of its currency as a way to stem U.S. job losses.
China’s currency policies cost more than 2.8 million U.S. jobs since 2001, the lawmakers said today at a Washington news conference. The legislation would let U.S. companies seek duties on imports from China to compensate for the effect of a weak yuan, which lawmakers said gives Chinese companies an unfair advantage against U.S. manufacturers.
“They get away with economic murder,” Schumer told reporters. “We are fed up; we are not going to take it anymore.”
Schumer proposed similar measures in each of the past six years. None has received a Senate vote.
The bill also is supported by Democratic Senators Robert Casey of Pennsylvania and Debbie Stabenow of Michigan, and Republicans Lindsey Graham of South Carolina, Richard Burr of North Carolia and Jeff Sessions of Alabama.
To contact the reporter on this story: William McQuillen in Washington at bmcquillen@bloomberg.net
To contact the editor responsible for this story: Larry Liebert at lliebert@bloomberg.net
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