Clinton and Obama back China crackdown
By Eoin Callan in Washington
Hillary Clinton and Barack Obama, the frontrunners for the Democratic presidential nomination, have agreed to co-sponsor legislation that would levy punitive duties on Chinese goods to cajole Beijing into revaluing its currency, according to aides.
The endorsement is a sign that trade with China is emerging as a hot political issue in the upcoming election and increases the prospect of the legislation passing with a veto-proof majority, analysts said.
The bipartisan legislation has been spurred by claims that China’s cheap currency makes its exports more attractive and is contributing to the record annual $232.6bn (£115.6bn) US trade deficit with the country.
The early pledge to vote for the bill will strengthen the candidates’ claims to be defending US manufacturers against what they argue is unfair competition. More...
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