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

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Sen. Charles Schumer (file / credit: Brendan Hoffman/Getty Images)

Sen. Charles Schumer (file/credit: Brendan Hoffman/Getty Images)

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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 This material may not be published, broadcast, rewritten, or redistributed.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.)

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