Schumer: China’s ‘Unfair’ Trade Practices Costing New York Jobs

NEW YORK (CBSNewYork/AP) — U.S. Sen. Charles Schumer wants to get tough with what he calls China’s “unfair” trade practices and currency manipulation that are costing New York and America jobs.

LISTEN: WCBS 880’s Mike Xirinachs reports

Schumer is trying to build an argument for his bill that would target China’s currency practices. He expects the bill to pass in the Senate next week.

“In New York State, we’ve lost 160,000 jobs,” he said. “Almost all of them good paying jobs in the last decade thanks to growing trade deficit with China.”

Schumer says New York companies have been outbid on projects by Chinese companies using methods Schumer says creates an uneven playing field for New Yorkers.

The legislation would slap stiff fines and penalties for their currency manipulation and unfair policies.

“Enough is enough,” Schumer said. “To China we’re saying ‘the jig is up.'”

He and his supporters say China has an undervalued currency, uses export subsidies and pays depressed wages that provide an unfair advantage.

What do you think about China’s currency manipulation? Sound off in our comments section below…

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

More from Mike Xirinachs
  • alex

    chiana is sucking us economy dry with their junk products ,i said junks none of them is good.

  • Tom T

    Donald Trump has been saying that for along time now !!! and we should have Kuwait and South Korea pay for our protection… and we should tax China 25%…. Even if the politicians don’t like Donald Trump… they should RESPECT what he is saying and should have him deal with all of that !!!!! I am glad to see one of our elected officials acting on ot now !!!

  • Joe

    Chuck likes to talk tuff, but guess what? If China had not bailed us out, we would be bankrupt already! The jobs that this country has either given away or let slip away because of political agendas, are not coming back anytime soon. Anybody believing that this country is on a rebound economically is an idiot! The problems we have financially are just getting started. We haven’t seen the worst of it yet, and when this country collapses it’s not going to be because of the Mayan Calender. It will be because we trusted snakes like Chuckie to run our great nation into the ground.

  • ACD866

    May be Chuckie boy didn’t get any donation from the Chinese, so he is mad like hell now, what a hater / loser.

  • Andrew Nutra

    If you don’t like China’s business practices then don’t buy Chinese. It’s the only reliable way it could affect them. Regarding a similar topic: I don’t mind American companies shipping jobs overseas. I do have a big problem with Americans buying products from those same companies!

  • LiberalsRDopes

    No Schumer. It’s the tax the businesses to death, union cancers, and red tape nonsense of New York…….New York, where businesses go to die….

  • goblin

    Maybe we need more regulation, parking tickets, permits, fees, and other nonsense to discourage businesses from operating in the city. When that works, we’ll just blame another country. Sweet.

  • doc

    Chuckie boy, backup you job loss number with facts! What industry? Kodak? Block Buster Video? Banks? Perhaps the solar panel company that got a 530millions loan from the Feds anb promptly file bankruptcy. NYC & NYS job losses are because of high taxes, over burden regulations. Ever increasing taxes to pay for your retirement funds and your whole families health benefits. Your boy who got caught with dirty pictures is getting a million dollar in tax payers funded pensions and free health care for life! What does Chuckie care, he and his political buddies are set for life!

  • Joan Jett

    Good old Chuckie the Schmuckie, without China, we’d be bankrupt.

    • ajapierce

      Not really, China would be bankrupt without us. Yes they do hold 1.2 trillion dollars of our debts, but it’s because even they don’t trust their own banks, so they put it in ours

  • Holder,E.

    In other words, you better donate to me or I will make it tough for the chinese to do business here. But let’s give more money to Israel who only siphon off profits to their own kind.

    • Kevlar

      Can anyone say ” payoff ?”

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