From the campaign trail, Hillary Clinton takes on the China currency issue:
The China Currency Coalition ("CCC") today greeted enthusiastically the announcement by Senator Hillary Clinton (D-NY) that she has become a co-sponsor of S. 796, the Fair Currency Act of 2007, also known as the Bunning-Stabenow-Bayh bill after Senators Jim Bunning (R-KY), Debbie Stabenow (D-MI), and Evan Bayh (D-IN).
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The Fair Currency Act of 2007 and its counterpart, H.R. 2942 in the House, recognize exchange-rate misalignment - whether by China or by any other country - as an export subsidy. Under this bill U.S. companies and workers will finally be able to take corrective action under U.S. trade laws.
And Obama is on board, too:
Democratic presidential candidate Barack Obama said on Thursday he supported a Senate bill to offset China's "currency manipulation," one day after his rival Hillary Clinton added her name to the list of legislation's co-sponsors.
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The Stabenow-Bunning bill would define currency manipulation as a subsidy under U.S. trade laws, opening the door for the Commerce Department to impose countervailing duties on a broad array of Chinese goods. Individual companies or industries would still have to petition for the relief before duties are imposed.
