Blog: Industry watches currency issue closely
Leonie Barrie | 4 October 2010
A bill that would give US companies the ability to defend themselves against currency manipulation - with China the most likely target - last week edged closer to becoming law after an overwhelming vote in its favour last week by the US House of Representatives.
The Currency Reform and Fair Trade Act would enable US companies to defend themselves using countervailing duties and anti-dumping law against countries that manipulate their currency.
Not surprisingly, it has divided textile makers and apparel importers over its ability to create jobs and economic growth – or whether it simply primes the US and China for a widening trade war. China for its part has slammed the US for resorting to double standards, in a move that exemplifies the escalating trade tensions between the two countries.
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