Trade

Obama concerned China currency bill violates WTO obligations

by Erik Wasson - 10/06/11 4:06 PM ET

{mosads}The Schumer bill would make it easier for the U.S. to count a manipulated currency when formulating anti-dumping duties and changes the way anti-subsidy countervailing duties are determined as it relates to currency.

Both changes might violate specific guidelines the U.S. agreed to on anti-dumping and countervailing duties at the WTO.

The Senate voted by 62-38 to cut off debate on the China currency bill on Thursday morning, but House GOP leaders are opposed to the bill and are unlikely to bring it up. Exporters are worried that an angry China could move to retaliate against U.S. exports in response to the bill.

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