House bill to subsidize China or Conspiracy of Money Laundering in Diplomatic clothes….

The New York Times  03/07/12 

“House Passes Bill to Address China Subsidy”

http://www.nytimes.com/2012/03/07/business/house-approves-bill-that-would-impose-duties-on-imported-goods.html?_r=1

The House voted on Tuesday to ensure that the United States could impose duties on subsidized goods from China and Vietnam, overwhelmingly rejecting a conservative group’s attempt to portray it as a tax increase.

The bill, which was passed 370 to 39 and addresses a court ruling, now goes to President Obama, who is expected to sign it into law. The Senate passed the bill on Monday.

“China distorts the free market by giving enormous subsidies to its producers and exporters, and our companies and workers should not be expected to compete against the deep pockets of the Chinese government,” Dave Camp, a Michigan Republican who is chairman of the House Ways and Means Committee, said during debate.

The decision endangered countervailing duties on about two dozen goods from China and Vietnam worth more than $4 billion in trade, and potential new duties in cases involving solar panels and turbine towers from China.

Supporters say current duties protect 80,000 American jobs. They cover steel, aluminum, paper, chemicals, other products from China and plastic shopping bags from Vietnam.

Last year, United States imports from China totaled a record $399.3 billion.

Common Sense Review

Why are we borrowing billions from China then buy billions of their products?  This idea makes zero sense to me.  I haven’t read the bill discussed in the article but it sounds like a tool to keep this conveyor of money laundering continues to go around. 

Anymore the transactions by the US govt can be seen as money laundering or weapon running under the cloak of diplomatic air.  Let call a spade a spade.  When we give China billions in sales and then borrow similar amount, what we are left with is the distraction of another so we don’t see the transactions at hand.

So to those who voted to pass the house bill, this would make you conspirators to a crime….