Schumer: New York Has Lost 160,000 Jobs to China

U.S. Sen. Charles Schumer says New York state lost more than 160,000 jobs since 2001 to China because of what he calls unfair trade practices and currency manipulation.

The New York Democrat is trying to build an argument for his bill that would target China's currency practices. He expects the bill to pass in the Senate next week.

Schumer says New York companies have been outbid on projects by Chinese companies using methods Schumer says creates an uneven playing field for New Yorkers.

He and his supporters say China has an undervalued currency, uses export subsidies and pays depressed wages that provide an unfair advantage.