Today, Senators Charles Schumer and Lindsey Graham agreed to drop their legislation to impose tariffs 27.5% on imports from China, a measure aimed at forcing China to raise the value of its currency.
This was a right decision made at the right time.
The post I wrote on September 12th pointed out that Senators Schumer and Graham should not have pushed the vote for the bill because it was just simply not the right way to handle that. If you take a look of the dynamic picture of the world, you would understand that senators Schumer and Graham’s bill would never become law.
“It's a win for the Secretary of Treasury,” said Nicholas Lardy, a fellow at the Institute for International Economics in Washington, and expert on China.
No, it is not just a win for Paulson. It is a win for everyone, including senators Schumer and Graham themselves.
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