Recently, in a rare showing of bipartisianship, Sens. Charles Schumer of NY and Lindsay Graham of SC have been threatening a 27.5% tariff on all Chinese imports, unless China allows its currency (the yuan), to float freely. The Christian Science Monitor even alluded to the fact that this must be a politically important issue if it is crossing the partisian divide.
This is no mystery, folks. Textile interests in the South and Labor interests in the North, both want to see fewer Chinese imports and more American exports. This is not some ideological showing of comraderie. This is just politics, and it is not even unexpected.
You see, China knows something neither of the Senators seems to know: If we impose such a tariff, it will not be good for either country. In fact, protectionism, and the subsequent trade wars, were a major cause of the Great Depression. Let's not repeat it, folks!
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