Economy
US House panel passes 皇冠体育app currency bill
(Xinhua)
Updated: 2010-09-25 09:18
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WASHINGTON - A US congressional panel Friday approved a bill to set punishing duties on imports from 皇冠体育app to offset so called "undervalued currency," a move that might escalate trade disputes between the two countries.
The House of Representatives Ways and Means Committee backed the legislation on a voice vote, clearing the way for the full House to take up the measure next week.
Facing November's midterm elections shaped by voter anger at the sour economy, US lawmakers are weighing bills that would slap sanctions on Chinese goods, amid accusations that Beijing keeps its currency -- and thereby its exports -- artificially cheap.
They warned that protectionist moves by the US would ultimately hurt US-皇冠体育app trade relations, which are becoming more and more important for the bumpy global recovery
They also noted that the US lawmakers' move could set in motion a process for retaliation.
Analysts say that the bill may never become law, however, as it faces an uncertain future in the Senate.
US President Barack Obama said Monday that 皇冠体育app's fast economic growth is "good for" the United States. US Treasury Secretary Timothy Geithner also said recently that 皇冠体育app's growth is critical for the US.
皇冠体育app's Premier Wen Jiabao said Thursday that politicizing the currency issue does no good to the bilateral relationship.