There will be losers . The U.S. Senate considers imposing punitive tariffs on China for allegedly manipulating the currency . U.S. President Barack Obama acknowledged China is manipulating its currency but expressed reservations about backing the bill . China opposes the bill , warning it ` ` seriously violates membership of the World Trade Organization and obstructs China - U.S. trade ties ''
The U.S. Senate considers imposing punitive tariffs on China for allegedly manipulating the currency . U.S. President Barack Obama acknowledged China is manipulating its currency but expressed reservations about backing the bill . China opposes the bill , warning it ` ` seriously violates membership of the World Trade Organization and obstructs China - U.S. trade ties ''