TRADE POLITICS: Senate Dems look to gain political edge with China currency vote. “Senate Democrats now believe a measure targeting China’s currency practices will win broad support, leading some to question whether that undercuts the issue’s ability to rally voters for next year’s elections. Generally speaking, targeting China on trade has garnered support from members of both parties, especially in Rust Belt states that have lost manufacturing jobs.”

Related: Protectionism beckons as leaders push world into Depression.

UPDATE: Reader William Graves writes: “Great. It wasn’t enough to duplicate Hoover’s spending splurge. Now we are going to reinvent the Smoot-Hawley Tariff?”