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Congress Addresses Chinese Currency Manipulation
After years of trying, Congress is taking another stab at retaliating against what many see as Chinese manipulation of its currency to make its exports to the United States cheaper and U.S. goods more expensive in China. The Senate is expected to take up legislation Monday that would impose higher U.S. duties on Chinese products to offset the perceived advantage that critics say China gets by undervaluing its currency. It's a political given here that China's economic policy has damaged American manufacturers and taken away American jobs. Beijing denies that its exchange rate is responsible for the huge trade deficit ... (full story)
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