Trade Gap Fuels Talk of Retaliatory Legislation
January 12, 2006
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January 12, 2006 – Fueled by a U.S. trade deficit with China that is expected to top $200 billion in 2005, Max Baucus, the top-ranking Democrat on the Senate Finance Committee, has said there is a strong chance Congress may pass retaliatory legislation if China doesn’t move to further revalue their undervalued currency.
Support in Congress continues to grow for bipartisan legislation from Sen. Charles Schumer and Sen. Lindsey Graham that would impose tariffs of 27.5 percent on Chinese exports unless China dramatically revalues their currency.
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