Congress takes up China, free trade, jobs bills

? Congress is embarking on a flurry of votes to show it is trying to do something about creating jobs. The prospects for legislative success, however, are spotty.

One exception is in the area of trade. Congress is expected to approve free trade agreements with South Korea, Colombia and Panama that have been pending since the presidency of George W. Bush. Supporters of the treaties — the first completed in the Obama administration — say the pacts could boost exports by $13 billion a year and foster tens of thousands of American jobs.

The House takes up the three agreements today, along with legislation pushed by Obama and Democrats to help workers displaced by foreign trade. Both chambers could sign off on the measures by Wednesday night.

The Senate this evening is also holding a procedural vote on the $447 billion plan to promote job growth, which Obama proposed in a slightly different form a month ago. Republicans appear united in opposition, and Democrats, with 53 votes in the Senate, face a difficult task in coming up with the 60 votes needed to keep the bill alive.

The Senate today is also expected to pass legislation to impose tariffs on Chinese exports if the Beijing government continues to keep its currency undervalued. Supporters say the measure will make American producers more competitive and bring jobs back home.

The bill enjoys broad bipartisan support from senators who for years have been hearing complaints from constituents blaming unfair competition from China for shuttering U.S. factories and putting Americans out of work.

But the bill faces an uncertain future.

House Speaker John Boehner, R-Ohio, opposes it and may never bring it to the House floor. Obama and the White House, while avoiding a position on the bill, have warned against unilateral action that might violate international trading rules. American companies doing business in China warn that it could spark a trade war.

But with the trade deficit with China hitting $273 billion last year and heading toward $300 billion this year, senators said it was time to get tough.

“If China continues its predatory practices, the future for our children and grandchildren in this country will not be bright,” said Sen. Charles Schumer, D-N.Y. who has tried numerous times in past years to slap sanctions on the Chinese.

Economists say China’s currency, the yuan, is undervalued by about 25 to 30 percent, and possibly by as much as 40 percent against the dollar. That means that Chinese goods sold in the United States have a 25 to 30 percent price advantage, and U.S. goods exported to China face a disadvantage of that same amount.