Schumer’s trade bill passes Senate

WASHINGTON (AP) – The Senate voted Tuesday to threaten China with higher tariffs on Chinese products made cheap through an artificially undervalued currency, which lawmakers blame for destroying American jobs.

“...we are finally fighting back. The Senate has put the Chinese on notice: Stop your cheating that is costing our country jobs, or you will face the consequences,” said U.S. Senator Charles E. Schumer, D-NY, responding after the bipartisan vote of 63-35.

The drive to punish China for its currency practices has been going on for six years, led by conservatives such as Sen. Lindsey Graham, R-S.C. and Democratic liberals such as Schumer.

Sen. Jeff Sessions, R-Ala., said the bill “is an important step towards defending American values, confronting China’s abusive practices and preventing the liquidation of American manufacturing.”

Schumer said the momentum from the Senate vote now leaves the House no choice but to act on this bill, and he encouraged House Speaker John Boehner, R-Ohio, to give it an up-or-down vote as soon as possible. But Boehner, like the many large multinational companies that oppose the legislation, has said it would be dangerous to dictate another country’s currency policies.

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