Reporting Mike Xirinachs
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.
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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.
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