The China Currency Coalition ("CCC") has commended the Obama Administration and Treasury Secretary nominee Timothy Geithner for recognizing that China is manipulating its currency.
"This is a battle we have been fighting for over four years," said CCC Co-Chairman Richard L. Trumka, Secretary-Treasurer of the AFL-CIO. "China's manipulation of its currency since 1994 continues to take an enormous toll on working families and manufacturing in the United States. It has contributed to our severe economic problems. We are pleased and appreciative that the Obama Administration intends to act aggressively on this important issue."
"This is a very important step toward resolution of this problem," said Doug Bartlett, Co-Chair of the Coalition, owner of Bartlett Manufacturing Company, Inc. in Cary, Illinois, and a Board member of the U.S. Business and Industry Council. "By the same token, it is important to note that under existing law, recognition that a country manipulates its currency only requires that the U.S. Administration engage in talks with China about the matter. Such talks have been going on between the Treasury Department and Chinese officials for years, with virtually no effect," he said.
"The view of the China Currency Coalition is that Congressional legislation allowing U.S. companies and workers to petition for trade remedies remains urgently needed. The CCC is working with Members of Congress to make this happen," Bartlett said.
In the CCC's view, the mercantilist currency practices of a number of countries, not China alone, are the antithesis of free and fair trade. For that reason, it welcomes the strong language used by Treasury Secretary-designate Timothy Geithner that "countries like China cannot continue to get a free pass for undermining fair trade principles."
The CCC also welcomes Mr. Geithner's statement that "the new economic team will forge an integrated strategy on how best to achieve currency realignment in the current economic environment," Mr. Trumka added. "The members of our Coalition stand ready to work closely with the Obama Administration to achieve that goal. It is long overdue and badly needed, especially at a time of global economic crises. We cannot imagine how global economic growth can resume on a sound and stable footing without addressing the source of fundamental imbalance."
About the China Currency Coalition
The China Currency Coalition is an alliance of industry, agriculture, services, and worker organizations whose mission is to support U.S. manufacturing and production by seeking an end to Chinese currency undervaluation. Additional information on the Coalition can be found on its website: www.chinacurrencycoalition.org.
3 comments:
Governing of Barack Obama "Union Sovietc Ameican" USA
President Bush took a parting shot at the French by raising the duty on Roquefort cheese from 100% to 300%. This was in retaliation for a French ban on American beef. The French are notorious for protecting their crummy agriculture industry. Many people think President Obama will reverse the decision. He loves the French and they love him back. A cheesy dispute with France
China must remain united, and be reunited, from Tibet to Taiwan. The alternative does not bear thinking about.
And we must eschew all economic - which will inevitably become social, cultural and political - dependence on her.
She has quite enough consumers of her own to keep her workers busy. We have quite enough consumers of our own to keep our workers busy. And you have quite enough consumers of your own to keep your workers busy.
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