WASHINGTON, D.C. — Congress is pressuring the Obama administration to take a tougher stand with China over trade practices that they say have cost Americans millions of jobs.
Both Democrats and Republicans on the Senate Banking Committee on Thursday told Treasury Secretary Timothy Geithner that China is manipulating its currency. They said that, and other practices, have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. He said China needs to move faster to reform its currency system and remove other barriers that are blocking sales of U.S. products in China.