Wednesday, October 12, 2011
Protectionism? A Sign of Things to Come?
Okay the Bill will probably fail at the next stage, but the fact the US is l=leaning this way is interesting. The US Senate has voted through a bill that aims to aims to put pressure on China to increase the value of its currency, the yuan. Some lawmakers argue that the Chinese yuan has been kept artificially undervalued, giving the country an unfair advantage and hitting US jobs. The legislation passed the Democrat-led Senate 63-35, putting it through to the House of Representatives. However, the bill is unlikely to be passed by the House.