Reservations are mounting in the U.S. about a draft legislation aimed principally at punishing China for currency manipulation, Financial Times reports. The White House has also come close to criticizing the bill on the ground that it disregards international law.
John Boehner, Republican speaker of the House of Representatives, has termed the bill as “dangerous”. The drafters claim it will ensure compliance with WTO norms. Charles Schumer, Democratic senator from New York, led the drafting of the bill.
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