China has warned that the US could plunge the global economy into a 1930s-like depression if it passes a bill that aims to punish Beijing for holding down the value of its currency.
With the Senate set to vote on Tuesday on legislation that would impose tariffs on imports from countries that manipulated their exchange rates, China says the consequences of such a move could be dire, leading to a trade war.
In a commentary just hours ahead of the vote, the official Xinhua news agency took the warnings a step further, saying the proposed legislation was reminiscent of the Smoot-Hawley tariffs in 1930 that worsened the Great Depression.
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