Senate Passes Bill to Sanction China Over Currency
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The Senate has voted to punish China for keeping its currency undervalued against the dollar.
Many see China's currency policy as a big factor in the flood of Chinese imports that has led to American factories shutting down and workers getting laid off.
The 63-35 vote Tuesday evening shows the growing anger over the U.S. trade relation with China. The Asian nation built up a $273 billion surplus last year bolstered by monetary policy that makes its exports cheaper and American sales to China more expensive.
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But the bill to punish China is likely to hit a dead end in the House.
House Republican leaders agree with many business groups that unilateral action against China could spark a trade war. The Obama administration has indicated a preference for diplomatic persuasion.