From today's Detroit News:
China target of fair trade bill -- House legislation places tariffs on undervalued goods
A bill seeking to force China to freely float its currency passed the U.S. House on Wednesday, a partial victory for American manufacturers who've complained the Asian nation's undervalued money gives the world's most populous country an unfair trade advantage.

By a 348-79 vote, the House approved the Currency Reform for Fair Trade Act, which gives the Commerce Department authority to impose import tariffs on goods from countries that manipulate their currencies to artificially deflate them.

The bill still needs to clear the Senate before heading to the White House for President Barack Obama's signature....

Given Michigan's large manufacturing sector, the state's congressional delegation showed strong support for the bill....

U.S. Rep. Dale Kildee, D-Flint, said the bill would "go a long way" toward evening the playing field between American and foreign manufacturers....

The bill also comes as Rep. Gary Peters, D-Bloomfield Township, encouraged Japanese officials to refrain from forcing its yen from being falsely devalued. Japan has been selling yen and stocking up on dollars, Euros and other foreign currencies to keep the yen's value low, encouraging cheap exports....