Don't worry, in an article published today, congress is going to place tariffs on all China imports. Who benefits? Our government! All the tariff goes right into their general fund.
The U.S. trade deficit with China reached $162 billion last year, an all-time high with any country.
The U.S. Congress has reacted to the trade gap with calls for more forceful action. One measure with widespread support would impose 27.5 percent tariffs on all Chinese imports unless Beijing allows its currency to rise further in value against the dollar.
Sen. Charles Schumer (news, bio, voting record), D-N.Y., said if China does not begin letting the yuan rise in value, the bill's co-sponsors will demand a vote before Congress adjourns next month.