Senator Chuck Schumer To Introduce Tough Trade Sanctions Against China This Week? – William R. Collier Jr.
Sources on the Hill have revealed that Senator Charles Schumer is going to unveil a plan this week that is the equivalent of “a declaration of trade war” against China. The bill’s details are known beyond the general outline, which is to sanction China for what are deemed “unfair trade practices.”
Another source, who is familiar with the story and who is an expert in international finance, noted that, “what’s likely to happen is that this bill, if it is introduced and passed, will result in China taking the US to the WTO, where the US will likely lose and be forced to pay damages.” According to this source, “the amount of money involved in the dispute is less than a rounding error when compared to our GDP.”
This proposal, if it comes forth, could be calculated to inspire the Democrat base, represented by the radical leftists who are staging a small but disruptive protest on Wall Street. “Occupy Wall Sttreet” is a protest that is being financed by George Soros and other progressive elites and that is being organized by pro-Obama organizations, including labor unions, various Progressive radical groups, and the Communist Party of the USA, which endorsed Obama in 2008 and is callinfg for his re-election. The protestors are calling for, among other things, an end to capitalism, the use of force, if necessary, against “the rich” to compel them to give up their wealth, and the re-election of President Obama.
Unions have long criticized China’s trade policies, blaming “shipping jobs overseas” for much of the nation’s woes.
It is not uncommon for unpopular governments to gin up tensions overseas and blame foreign powers for the present domestic situation, however Schumer’s possible motivations are not known.
China’s trade policies have long been considered to be unfair and both Tea Party activists and leftists have tended to agree, in principle, that the Chinese are generally bad for business. Among the complaints are dumping of Chinese goods to decimate domestic producers, artificially suppressing the value of the Chinese currency, stealing copyrighted content and patented technologies, and “massive industrial espionage.”
Free traders will doubtless balk at such a bill if its is brought to the floor, but the protectionist/isolationist sentiment is rather popular and, some guess, whether or not Schumer gets a bill passed, merely trying to pass such a bill could put a new shine the Democrat’s tarnished image.