Black clouds over the greenback

- By FX Markets Staff
- @FXMarkets_
- 02 Oct 2006

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As I write, it looks as if the Senate will soon vote on the Graham-Schumer bill. This proposes to impose a 27.5% tariff on goods from China if Beijing does not significantly raise the value of its currency within six months. The Bush Administration and the US Congress may therefore be on a collision course over how to deal with the ballooning trade deficit with China.

Until now, the foreign exchange market and the rest of the financial markets have totally ignored the implications of the

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