China: US Proposal Threatens Global Recovery

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China is warning that trade ties with the U.S. will be "severely damaged" if a new U.S. economic proposal becomes law.

The Chinese say the proposal will damage global economic recovery.

The bill, passed by the Senate Tuesday, would allow Washington to raise tariffs on Chinese imports that critics say are unfairly cheap due to Beijing's exchange-rate controls. Lawmakers say cheap Chinese imports are destroying U.S. jobs.

"It not only cannot solve the problems in the U.S. economy or unemployment, but will seriously impede Sino-U.S. economic and trade ties and impede the joint efforts that China, the U.S. and the international community have made to enable a strong recovery and the growth of the global economy," Foreign Ministry spokesman Ma Zhaoxu said.

The American Chamber of Commerce in China also criticized the bill as a threat to trade and financial relations.

"The Senate bill would damage the bilateral trade and investment relationship, weaken our standing in the World Trade Organization, and damage our national interests," group chairman Ted Dean said. "We oppose it. It should not become law."

The bill is unlikely to become law because it lacks the support of the majority Republican leadership in the House.

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