The U.S. presidential election is 16 months away, but China is already proving to be a hot button issue for candidates. The Democratic front runners, Senators Hillary Clinton and Barack Obama, have said they will co-sponsor legislation to levy duties on Chinese imports in order to force China to reevaluate its currency. From the Financial Times:
The bipartisan legislation has been spurred by claims that China’s cheap currency makes its exports more attractive and is contributing to the record annual $232.6bn (¬£115.6bn) US trade deficit with the country.
The early pledge to vote for the bill will strengthen the candidates’ claims to be defending US manufacturers against what they argue is unfair competition. [Full text]