Ways and Means to Consider Amended China Currency Bill

Posted by scapozzola on 09/22/2010

House Ways and Means Committee Chairman Sander M. Levin (D-MI) has announced that on Friday the Committee will consider an amendment to H.R. 2378, legislation to address China’s fundamental undervaluation of its currency.  Levin said: “The legislation the Ways and Means Committee will consider on Friday clarifies that countervailing duties can be imposed to offset the effects of an undervalued currency.  Countervailing duties would be available to any U.S. industry that could demonstrate that it has been ‘materially injured’ by imports from the country with the undervalued currency.  By doing so, the bill will help to provide meaningful relief to those who are harmed by China’s exchange rate policy. “The bill, as considered by the Ways and Means Committee, will modify the original legislation introduced by Representatives Tim Ryan (D-OH) and Tim Murphy (R-PA) to make it fully consistent with World Trade Organization (WTO) rules." Read more.

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