U.S. lawmakers threaten China with sanctions over currency

It is “a potential first step in a process that could lead to significant, U.S.-imposed tariffs on imports from China,” said Democratic Senator Charles Schumer, who jointly wrote the letter with Republican Senator Lindsey Graham.

The Obama administration, like the Bush administration before it, has refused to brand China a currency manipulator under a law requiring it to determine whether any foreign economy manipulates its currency against the U.S. dollar. The bipartisan move Thursday asking for the probe was “an alternative path to formally rebuke China,” Schumer said.

“If the agency determines that China's currency practices amount to a form of subsidy that is actionable under international trade agreements, the Chinese could be subject to stiff penalties,” he said.

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