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STORY: The U.S. Senate on Tuesday approved a controversial bill to punish China over its currency in an effort to save American jobs, sending it to the House of Representatives where its fate is uncertain.
The legislation, which Beijing has warned could spark a trade war, would allow the U.S. government to slap countervailing duties on products from countries found to be subsidizing their exports by undervaluing their currencies.
Some U.S. lawmakers contend China's yuan is undervalued by as much as 40 percent, giving Chinese producers an unfair advantage in international markets and costing U.S. jobs.
The Senate's 63-35 vote puts the bill, which is designed to pressure Beijing into letting the yuan rise in value, in the hands of the Republican-controlled House, which may never vote on the bill despite rank-and-file support.