User talk:Todd genger

Todd Genger - Lawmakers Decide To Fight Chinese Subsidies

A bipartisan bill to impose taxes on subsidized Chinese goods has gotten huge support from US lawmakers on both sides of the aisle on Capitol Hill. China has taken a number of actions over the past several years to subsidize manufactured goods, putting these products at a competitive disadvantage with similar U.S. products. “It is really a question of economic fairness and competitiveness,” says Todd Genger, a financial consultant and former Goldman Sachs executive.

Earlier the Commerce Department had imposed duties on two dozen goods from China and Vietnam. However, a federal appeals court rejected that decision. The court decision held that the Commerce Department is not authorized to impose countervailing duties on non-market economies and that these tariffs must come from an action by Congress.

Dave Camp, Republican chairman of the House of Representatives Ways and Means Committee, said: “This legislation preserves our ability to fight unfair subsidies granted by countries like China that injure our industries, cost U.S. jobs, and distort the market.”

Dave Camp would put the bill on the table on Wednesday with Representative Kevin Brady and Senator Levin.

Levin said, “This is a vital legislation for tens of thousands of American workers who would have had the rug pulled out from under them by the court of appeals decision.”

Lawmakers from both the Ways and Means Committee and the Senate Finance Committee have been working for a couple of weeks on a version of the bill. “Now it is going to be very interesting to see what happens when this bill is presented in the House of Representatives,” says Todd Genger.

In November, Americans will be going to the polls to elect a new President or to give President Barack Obama a second term. “Trade will be topic of debate throughout the fall election season,” predicts Todd Genger.