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US-China trade war brews over currency fiddling
Business Digest: Congress to vote on imposing tariffs on Chinese imports
US politicians have scheduled a swift vote on a Bill to authorise duties on Chinese imports after becoming increasingly frustrated by Beijing's perceived manipulation of the level of its currency, the yuan.
The Chinese government's interventionist tendency to keep its currency artificially weak - a practice that means exports of Chinese goods are cheap around the world, while imports of foreign goods are expensive to Chinese consumers - means America's trade deficit with China is expected to hit $250bn (£158bn) this year.
Tim Murphy, a Democratic congressman sponsoring the bill, said: "It is time to deliver a strong message to Beijing on behalf of American jobs."
He added that the weakness of China's currency had cost 500,000 US jobs.
Read a full report at the Guardian . ·
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Yanks struggle with the fact that their money is worthless toilet-paper all over the known world. Their answer - try to blame others!!!