Foreign products from places such as China and Japan would be subject to punitive US import taxes if their governments were found guilty of currency manipulation by Washington under draft legislation unveiled yesterday.
The measures contained in bipartisan bills presented in both houses of Congress come amid an escalation in rhetoric in Washington surrounding recent foreign exchange swings fed by concerns over the impact on American competitiveness and the US recovery of a rising dollar.
“Few actions by foreign governments do more to disrupt free and fair trade and to harm US job growth than currency manipulation,” said Sander Levin, the veteran Democrat from Michigan leading the push in the lower House of Representatives.
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