Mr. Smoot, meet Mr. Hawley

It’s a currency war, it’s a trade war.  It’s every kind of war that can be fought safely behind a desk.   Are you ready for the latest dust-up, the assault on China?

The first shots came from of a rare bipartisan show of unity in the US Senate, which passed a bill requiring new tariffs on Chinese goods if they do not allow the Yuan to appreciate in value.  63 Senators went along with the measure, including 17 Republicans.  It seems like a popular direction to go, but Boehner has said he will prevent a similar measure in the House.  Obama said weakly that diplomacy is a better approach.

Doesn’t sound like the war is on after all.  But support for it is growing.

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