Tuesday, October 4, 2011

China threatens US with trade war over currency bill

Source: Russia Today

Anger is erupting out of Beijing this week after lawmakers in Washington are aiming to force Chinese currency to rise to put both nations on level ground with trading. China responded that the legislation would just be Washington’s way of putting the rest of the world’s economies at risk.

Before Congress this week, Senate Majority Leader Harry Reid said that China's “deliberate actions to devalue its currency gives its good an unfair competitive advantage in the marketplace.”

Speaking to RT, investor Jim Rogers added that the repercussions of a trade war could be catastrophic. “If it turns into a trade war, it is the most momentous thing of 2011,” said Rogers. “Trade wars always lead to wars. Nobody wins trade wars, except general who end up fighting the physical wars when they happen. This is very dangerous.”

This is a Suspicious News Brief. Read more at Russia Today
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