China trade bill to be introduced in Congress

WASHINGTON (Reuters) – The top Republican and Democrat on
the Senate Finance Committee said they would introduce
long-awaited China trade legislation on Tuesday, in a move
aimed at siphoning support from a controversial bill
threatening China with tariffs.

Senate Finance Committee Charles Grassley, an Iowa
Republican, and Sen. Max Baucus, a Montana Democrat, said in a
press release on Friday they would unveil their bill just a few
days before the Senate is scheduled to vote on bill threatening
to punish China for its currency policies.

“The senators’ legislation will establish a more
constructive framework to address currency imbalances that harm
the U.S. economy,” the senators’ statement said. “The bill will
also address congressional concerns regarding trade
enforcement, by focusing efforts to prioritize and respond to
the most significant export barriers.”