U.S. Senator Debbie Stabenow today responded to threats of a trade war from the Chinese government over legislation she is pursuing that would crackdown on China's currency manipulation:
"My message to China is simple-America has every right to continue to demand an end to illegal Chinese currency manipulation that costs us jobs and I will not back down on that. China should not fear competition on a level playing field. My proposals would create a competitive environment and hold countries that cheat accountable. We will not be threatened into giving up our businesses' and workers' right to a competitive trade environment in which everyone can compete."
Senator Stabenow has been a leader in the effort to stop currency manipulation for years, and it seems now that the Senate may finally be poised to act. An overwhelming bipartisan majority voted 79-19 to move forward on the legislation-overcoming the first major hurdle that sets up a vote for final passage as early as this week.