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U.S. to Tax China and Other Countries That Manipulate Currency

us senate taxes chinese imports

Financial News Story of the Day – U.S. Senate Approves Bill to Tax Certain Countries

In what may spark a trading war with China, the Senate has approved a bipartisan bill that would allow the U.S. to tax countries that subsidize their companies by keeping the currency low. The House is unlikely to pass it into law, but may approve its own similar bill that takes incremental steps. This simply means that the U.S. is now attacking China to protect its own manufacturing base, pressured by those who insist the country has been suppressing its yuan (source: MarketWatch.com).

Excerpt: “The bill instructs the Commerce Department to investigate if any country is subsidizing companies through an artificially low currency, and allows for retaliatory U.S. tariffs.

But the main focus of the bill is China, which lawmakers and the White House long have accused of manipulating the value of its currency, the yuan, for export advantage.”

Personal Finance Post of the Day – How to Prep for a New Baby!

Money Saving Mom, the home economist, answers a reader’s question on how best to prepare for a new baby in the house. One of my favorite takeaways is that you need to get a good routine going in order to cope with all the new responsibilities (source: MoneySavingMom.com).

Excerpt: “If you’re used to running a pretty tight ship when it comes to your work-outside-the-home schedule, making the transition to being a stay-at-home mom can be hard–especially because life with a newborn baby can be full of so much unpredictability. If you can, set up a basic routine for your day from the get-go.”

Daily Finance Summary – Earnings Season Begins

U.S. stocks ended slightly down today as investors turned an eye towards earnings reports. The NBA has been forced to cancel 2 weeks of its regular season due to zero movement on player-owner negotiations, and aluminum manufacturing giant Alcoa misses easy profit targets.

Stocks, Metals and Mortgage Rates

Dow Jones: 11,416 (-17) you lost -0.15%
S&P 500: 1,196 (+1) you earned +0.05%
Gold: $1,669 (+0.48%) you earned +$8
Silver: $32.14 (+0.44%) you earned +$0.14
30-Year Fixed Mortgage Rates: 4.18% (+0.09)
15-Year Fixed Mortgage Rates: 3.57% (+0.05)


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  • http://www.facebook.com/shahin.khani Shah King

    How you gonna pass a bill to tax other countries?  Its like if one day I decide to go tax the neighbor next door because she watches too much TV.. makes no sense.