The U.S. House of Representatives Committee on Ways and Means' Subcommittee on Trade held a hearing on trade legislation related to China. Testifying at the hearing were several Members of Congress and Bush Administration officials.
A main focus of the hearing was anti-currency manipulation legislation, including H.R. 2942, the Currency Reform for Fair Trade Act of 2007 introduced by Congressman Tim Ryan (D-OH) and Duncan Hunter (R-CA).
"China's predatory trade practices are crippling U.S. manufacturing. Hopefully, this hearing is an indication that Congress intends to take prompt action this fall against those policies," said AMTAC Executive Director Auggie Tantillo.
"China's unfair trade practices, including its currency manipulation and value-added (VAT) tax schemes, subsidize Chinese exports to the United States while at the same time discouraging Chinese imports of U.S. products," Tantillo continued.
"If U.S. manufacturing is to regain its strength, Congress must combat China's trade distorting policies with tough legislation. Passing measures to remedy the disadvantages to U.S. producers caused by currency manipulation and VAT schemes is critical," Tantillo added.
The American Manufacturing Trade Action Coalition (AMTAC) submitted the attached comments to the Subcommittee on Trade for the hearing record.
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American Manufacturing Trade Action Coalition
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