House Democrats will push forward with Chinese currency manipulation bill
Pelosi said the Ways and Means Committee will consider legislation Friday that could result in punishing tariffs on Chinese imports.
Democrats will push forward late this week with a bill to address the impact of Chinese currency manipulation.
The House Ways and Means Committee will hold a mark-up on Friday of legislation meant to impose tariffs against Chinese goods due to the undervaluation of the yuan. Small manufacturers and unions have been pressing for the action. They argue China’s artificially low currency lowers the cost of its exports to the U.S., hurting U.S. companies and workers.
The Obama administration has lobbied against the legislation, though recent remarks by Treasury Secretary Tim Geithner suggested the administration’s patience with China on the issue was wearing thin.