Pelosi: Americans Should Pay More for Imports

Nancy Pelosi

House Democratic leaders began a final pre-election push for legislation that would authorize trade sanctions against China if the nation’s currency remains undervalued. “It is time for Congress to pass legislation that will give the administration leverage in its bilateral and multilateral negotiations with the Chinese government -- so that U.S. businesses and workers have a more level playing field in world trade,” House Speaker Nancy Pelosi said yesterday in a statement, as the Ways and Means Committee set a session for tomorrow to draft the legislation. The committee will take up a measure that would let companies petition for duties on imports to compensate for what lawmakers say is a weak yuan, according to an e-mailed statement yesterday. The currency gives Chinese companies an unfair subsidy over their U.S. competitors, say lawmakers such as Representative Tim Ryan, an Ohio Democrat. “China’s mercantilist exchange-rate policy places a drag on U.S. economic growth and job creation,” Chairman Sander Levin of Michigan said in the committee statement.

“It is a major distortion in the international marketplace.” House Democratic leaders began a final pre-election push for legislation that would authorize trade sanctions against China if the nation’s currency remains undervalued. “It is time for Congress to pass legislation that will give the administration leverage in its bilateral and multilateral negotiations with the Chinese government -- so that U.S. businesses and workers have a more level playing field in world trade,” House Speaker Nancy Pelosi said yesterday in a statement, as the Ways and Means Committee set a session for tomorrow to draft the legislation. The committee will take up a measure that would let companies petition for duties on imports to compensate for what lawmakers say is a weak yuan, according to an e-mailed statement yesterday.  Read more here:

Pelosi: Americans Should Pay More for Imports