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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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The House of Representatives by a wide margin passed legislation to penalize China's foreign-exchange practices, sending a powerful warning to Beijing but risking a response that could harm U.S. companies and consumers.
The measure would allow, but not require, the U.S. to levy tariffs on countries that undervalue their currencies, which makes their goods cheaper relative to American products. A majority of Republicans lined up with Democrats to pass the bill on a 348-79 vote, highlighting lawmakers' long-simmering frustration with Chinese trade practices as well as their sensitivity to the faltering U.S. economic recovery with an election looming.
The vote marks the strongest trade measure aimed at China to make it through a chamber of Congress after more than a decade of threats by lawmakers. But despite the broad support Wednesday, dim Senate prospects make it unlikely the measure would become law this year.
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Filed under: * Economics, Politics Economy Corporations/Corporate Life Credit Markets The Banking System/Sector The U.S. Government The United States Currency (Dollar etc) Foreign Relations Politics in General House of Representatives * International News & Commentary America/U.S.A. Asia China
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