House passes bill to take on currency manipulators ..aka China..
The U.S. House of Representatives passed the Ryan-Murphy currency devaluation bill on
Wednesday evening, which allows the government to impose tariffs and duties on exports from countries — China the likely target — that have held down their currency for artificial trade gains, but market reaction so far has been subdued.
The bipartisan bill, introduced by two Republicans, passed by a wide 348-79 margin.
“For so many years, we have watched the China-U.S. trade deficit grow and grow and grow,” Nancy Pelosi, current Speaker for the House, said in a speech ahead of the vote. “Today, we are finally doing something about it by recognizing that China’s manipulation of the currency represents a subsidy for Chinese exports coming to the United States and elsewhere.”