China warns of counter action over US trade bill
Afp, Beijing
China warned Tuesday of unspecified countermeasures if the US Congress adopts a bill on Beijing's foreign exchange regime that could lead to higher US tariffs on Chinese imports. "China has all along held that the development of Sino-US bilateral trade is in the interest of both sides," foreign ministry spokesman Qin Gang told reporters. But "the US Congress could pass this legislation which will lead to the problem of higher tariffs on Chinese goods... If this happens then the Chinese departments concerned will make a response." US lawmakers are to unveil a proposed law this week that could address concerns China is keeping its currency undervalued, Congressional staff said Monday.
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