Retailers fight Senate proposal on Chinese currency
The International Mass Retail Association is urging the Senate to oppose a bill that seeks to apply a 27.5-percent tariff on all Chinese goods unless China revalues its currency.
Sen. Charles Schumer, D-N.Y., who introduced the bill in September, and 13 other senators contend that China's undervaluation of the yuan is costing U.S. jobs by making it impossible for manufacturers to compete on price.
'This action will most certainly result in massive Chinese retaliation with no guarantee that U.S. manufacturing will benefit,' IMRA President Sandra Kennedy said in a letter to senators.
The bill, S. 1586, has been referred to the Senate Finance Committee.