As the US Senate confirmed its legislation to impose tariffs on Chinese goods, in response to China’s failure to allow its currency to appreciate, a new study by consulting group BCG shows that rising Chinese labour costs are already changing the economics of global manufacturing and could create three million jobs in the USA by 2020.
The Senate bill was passed with a lower majority than on an earlier vote, and in spite of warnings from the White House that the bill may be illegal under international law (and so might lead to sanctions against US companies).
Senate vote:
http://www.ft.com/cms/s/0/a42c2b42-f04e-11e0-96d2-00144feab49a.html
BCG Study:
http://www.ft.com/cms/s/0/e5b774ca-f037-11e0-96d2-00144feab49a.html