Exact(21)
"And a low currency makes for competitiveness" among European exporters.
China's artificially low currency has nudged us toward consuming too much and producing too little.
Like their US counterparts, they profited from years of a low currency, and still do in relation to the dollar.
Many Americans believe that the Chinese jobs being preserved by an artificially low currency come at the expense of American jobs.
Charles Schumer, a Democratic senator, has introduced a bill that would authorise America to slap duties on imports deemed to benefit from an artificially low currency.
"Every time the currency plunges, it's a major problem for governments because the perception of Australians is that if we've got a low currency, it means the economy is bad," he said.
Similar(39)
Last month the US House of Representatives passed by an overwhelming majority a bill calling for tariffs to be imposed on countries with artificially low currencies.
Moreover, it turns out that most of the countries that export oil and supply capital to the rest of the world have artificially low currencies due to historic pegs to the U.S. dollar or other government policies.
Meanwhile, the bilateral balance between the two countries improved slightly in July, as American exports to China grew faster than imports from China, narrowing the monthly deficit.So naturally, now is the time for this:Frustrated members of Congress may vote in the coming weeks on legislation penalizing Chinese imports for Beijing's artificially-low currency.
But the euro's drop yesterday raised questions again about how low the currency can go.
The economy has racked up ten years of growth, inflation is low, the currency stable.
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