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WASHINGTON, April 8 (UPI) -- Anger over the ballooning trade deficit with China appears to be pushing the U.S. Senate toward passage of an overtly protective tariff.
An apparently increasing number of senators, significantly including Republicans, now see Beijing's suppression of its currency's value as a strategic obstacle to curbing a trade deficit that reached $8.43 billion in the first quarter, the Financial Times said Friday.
Senators will vote no later than July on legislation that would give China six months to revalue its renminbi or face a 27.5 percent tariff on all its imports. An effort to kill the legislation failed Wednesday on a 67-33 vote.
"Clearly the mood on China is getting more and more intense. There is a lot of surprise at the amount of Republican support," said Frank Vargo of the National Association of Manufacturers, which opposes the bill as a violation of World Trade Organization rules.
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ASHGABAT, Turkmenistan, May 23 (UPI) --
The signing of a deal for a multilateral natural gas pipeline from Turkmenistan is a milestone in regional economic affairs, an Indian minister said.
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WASHINGTON, May 22 (UPI) --
A U.S. Senate committee report has revived controversy over alleged counterfeit Chinese electronic components entering U.S.-made defense equipment and weapons.
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