Senate to impose 27.5 percent tariff on Chinese exports to the U.S.

[kurth]

WASHINGTON (Reuters) - The Senate is likely to pass a bill aimed at forcing Beijing to change its currency policies by threatening a 27.5 percent tariff on Chinese exports to the United States, a top Republican senator said on Thursday.

"I would expect it to pass and I'm sorry for that," Senate Finance Committee Chairman Charles Grassley, of Iowa, told reporters.

Sens. Charles Schumer, a New York Democrat, and Lindsey Graham, South Carolina Republican, are seeking a vote next week on their bill threatening China with punitive tariffs.

http://today.reuters.com/news/articlenews.aspx?type=politicsNews&storyID=2006-09-21T162123Z_01_WAT006282_RTRUKOC_0_US-TRADE-CHINA-SENATE.xml&WTmodLoc=NewsArt-L3-Politics+NewsNews-2

[Bandit]

1. And just what will Wall Mart say about that?

I suspect it will only take a few phone calls and GOP will crumble on this one.

[Warpy]

2. Too little, too late

They've already stolen much of our textile, furniture, steel, and tool industry. This is locking the barn door after the horse has been stolen.

However, if they can make domestic production competitive at all, it may help in the long run.

It's just way, way overdue.

[aquart]

China didn't steal our industries.

We basically gave them away. First, under Reagan, we sold off or off-shored our steel and tool and die industries. We can no longer build or make the parts that make factories. That make weapons. That make anything.

After that, textiles........shoes......electronics.......autos.....

We sold our birthright for a mess of pottage. We are dependent on foreign sources for our basic needs.

And suddenly we're not happy with the deal? Oh, why?

[Warpy]

6. WE were never happy about the deal

but corporations were. Predatory countries like China* were only too happy to offer a docile, non union workforce willing to live in near prison conditions to make things at under ten cents on the dollar in labor costs.

WE knew what was happening. Many of US trained and retrained, only to find one job after another pulled out from under us until all that was left was a dead end service job.

WE aren't the problem.

*Predatory because of the currency kept at a fixed rate against the dollar instead of allowed to float on currency markets. That kept the labor costs artificially low.

[Selatius]

7. These corporations are going to be pissed if the bill passes

Expect the bill, if it becomes law, to live a short life before being repealed. That is the extent of the power of corporate influence in Congress.

[Warpy]

9. Corporations don't care, they just pass the increase along

Consumers will be upset because this will result in a great deal of inflation in inferior goods.

Goods made by China are often inferior, haven't you noticed?

[Skidmore]

10. Corporations don't care. They already have their physical facilities

set up overseas and are creating new markets abroad. American has allowed itself to be screwed over and over again. And here we sit, selling our information. As if that will keep us afloat forever. Information only goes so far. When basic good become priced so high that the average person can't afford them the idiots that support these free traders will finally get it.

[Singular73]

3. So who benefits from the Tarriffs?

Yay. Prices will go up. Artificially.

Yay.

[DaveJ]

4. I suspect it would go toward the budget deficit...

...but these days who knows?

[Singular73]

15. Bombs....and more bombs...

Killing women and children.

Where 50% of my taxes go....

Yay.

[orwell]

5. Big.Stupid.Mistake.

It's not a great idea to piss off one of your largest creditors.

[Rex]

8. China to cash in money owed in interest (American national debt).

plans to turn it into Euros. Details at 10...

[buzzard]

18. Or interest rates have to go way up to attract investment in the US $

[BrotherBuzz]

19. China trades American debt to Venezuela for oil...

Details at 10. :shrug:

[Leopolds Ghost]

11. Wow!! Remember the Seattle WTO protests? This would kill the WTO.

:cool:

[opihimoimoi]

12. A SIMPLISTIC ANSWER for a COMPLEX PROB , thats the Level One Path

We never Learn...do we?

Them guys up there...why are they hiding the Good Solutions?

WHERE ARE THE GOOD ANSWERS???

Why are they using old and shitty ones?

[w4rma]

13. Good! (nt)

[Justice Is Comin]

14. umm hmmph and they're going to remind us about that little

matter of the 670 billion we owe them too. Thanks to this Texas turd.

[Idioteque]

16. Great idea! Let's make poor people pay more for their stuff!

</sarcasm>

[Rainscents]

17. So, it looks like with all the Tax give away to GOP corporations

and to Rich, we are in HUGE trouble and GOP Senates know it too. And now, they want to raise Tariff to China, whom we been borrowing HUGE amount to create deficits in the first place and now, GOP want to raise Tariff from the same Country? Oh, I really don't think, this is going to go well with China. China will bring USA to her knee over night!