Escalating tensions between the two countries over trade policy, the U.S. House of Representatives voted on Wednesday "to address China's fundamental undervaluation of its currency."
Rep. Sander M. Levin, D-Mich., who sponsored The Currency Reform for Fair Trade Act, led the legislative body in pressing for passage of the bill to "hold China accountable and enforce the rules of international trade."
The overwhelmingly bipartisan vote, 348 to 79, allows for tariffs to be imposed on countries that chronically undervalue their currency. The U.S. trade deficit with China exceeded $200 billion last year. Similar legislation in the Senate will be voted on after the election.
