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Wall Street Struggles to Avert Peril in Latest U.S.-China Flashpoint

  • Senate bill threatens billions in fees for financial industry
  • Firms unsure on lobbying tack amid bill’s bipartisan backing
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Wall Street dodged the carnage of the U.S.-China trade war, but it could be among the biggest losers from the latest flashpoint between the two nations -- and it’s struggling to mount a defense.

Financial firms’ angst is focused on legislation pending in Washington that threatens to kick Chinese companies, including widely held behemoths like Alibaba Group Holding Ltd. and Baidu Inc., out of American stock markets. The crackdown, which U.S. lawmakers say will protect investors from fraud and safeguard national security, would impact much of the financial industry.