Sen. Schumer pushes bill on Chinese imports
Sen. Charles Schumer (D-N.Y.) visited Brakewell Steel Fabricators in Chester Tuesday to discuss the cause behind job losses in the Hudson Valley. Schumer says currency manipulations by China are to blame
News 12 Staff
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May 22, 2014, 7:30 PM
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Updated 3,635 days ago
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Sen. Charles Schumer (D-N.Y.) visited Brakewell Steel Fabricators in Chester Tuesday to discuss the cause behind job losses in the Hudson Valley.
Schumer says currency manipulations by China are to blame for the elimination of manufacturing jobs in the U.S.
According to the senator, the yuan is priced too low against the dollar, making Chinese imports cheaper than domestically produced goods.
"Every Chinese good imported here, whether it's steel or apple juice," Schumer says, "gets a 30 percent tariff on it."
Schumer is now pushing a bill that will pressure China to let its currency rise against the dollar. He says with national unemployment at 9.7 percent, Americans cannot afford to wait.
