China Currency Bill Will Backfire, US Trade Groups Say

Law360, New York (September 21, 2011, 6:10 PM EDT) -- Over 50 different trade groups including the U.S. Chamber of Commerce, US-China Business Council and the National Foreign Trade Council urged U.S. Senate leaders on Wednesday not to pass a proposed bill intended to pressure China into allowing its currency to appreciate more rapidly.

In a letter to Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., the business groups said any bill that would attempt to impose tariffs on goods from countries with undervalued currencies like China would likely backfire, sparking a...
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