Not hostage to China

“But as a result, the China currency bill is moving ahead, reports Rosalind Helderman: "A measure designed to punish China for undervaluing its currency cleared a key procedural hurdle in the Senate on Thursday morning as a bipartisan majority embraced the populist effort intended to boost the country’s trading position with Beijing. The measure’s progress came despite concerns from President Obama that it could result in retaliatory sanctions against U.S. companies. A final vote is scheduled for Tuesday. Supporters said mere consideration of the bill might persuade China to move more quickly to realign its currency and end what they consider an unfair advantage that benefits Chinese manufacturers to the detriment of U.S. companies. But opponents fear that the legislation could encourage China to impose retaliatory tariffs and even spark an all-out trade war with Beijing."”