A bipartisan group of US lawmakers plans to revive a bill to levy tariffs on Chinese imports, the Financial Times reported. Alleging currency manipulation by Beijing, the bill would allow US companies to apply for tariff protection in industries in which China has what is deemed to be an unfair advantage due to its currency control regime. “By illegally subsidizing its exports through the undervaluation of its currency by 30% or more, China distorts the gains from trade, creates barriers to free and fair trade, harms US industries and has destroyed millions of US jobs,” the bill’s sponsors said in a joint statement. It remains unclear how the Obama administration will respond to the bill, though analysts said it is a reminder to China of US protectionism. Protectionist trade rules and anti-dumping investigations are rising globally; three-quarters of the anti-dumping investigations this year were launched by developing economies such as Argentina and India.
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