At the risk of trafficking in hyperbole (which I usually only do tongue-in-cheek), relations between the US and China are close to careening completely off the tracks.
It's never a good sign when a US senator utters the phrase "I don't want to get into a new Cold War", which is what Senator John Kennedy said Wednesday while discussing legislation that could lead to the delisting of Chinese stocks from US exchanges.
The bill is co-sponsored by Chris Van Hollen and was passed by unanimous consent. Long story short, the legislation calls for companies to certify they aren't controlled by a foreign government. If the Public Company Accounting Oversight Board can't audit three straight years of financials to make that determination, companies would be banned from US exchanges.
"The Chinese Communist Party cheats, and the Holding Foreign Companies Accountable Act would stop them from cheating on US stock exchanges", Kennedy very "calmly" explained, during an interview with Fox's Maria Bartiromo on Tuesday.
Both Kennedy and Van Hollen released forthright statements Wednesday as part of a press release that carried the not-at-all-accusatory title: "Senate passes bill to kick deceitfu
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