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Democrats out to chash on yuan bill

Business Times - 06 Oct 2011


Democrats out to cash in on yuan bill

Their move on the bill in Senate and long-delayed FTAs is all about politics and, more specifically, about the jobs issue

By LEON HADAR
WASHINGTON CORRESPONDENT

SO HERE is the good news: The White House sent three long-delayed free trade agreements (FTAs) to Congress on Monday, putting the deals with South Korea, Colombia and Panama on a road towards final approval after several years of being mired in Capitol Hill's legislative jam.

That probably means that after being stuck in the political limbo for the last two years - thanks to Washington's nasty partisan infighting - the White House and Congress are going to revive the dormant trade liberalisation agenda. Right?

Well, not so fast, because here comes the bad news: The Senate also voted to advance legislation pressuring the Chinese government to stop undervaluing its currency, raising the spectre of a costly Sino-American trade war, which clearly does not sound a…