“Congress must recognize that rising home foreclosures and the subprime crisis are connected, in part, to the loss of U.S. manufacturing jobs. Even a decade ago, manufacturing would have been the productivity engine reinvigorating the U.S. economy. Today, however, the U.S. economy is having difficulty regaining traction because of the erosion of America's manufacturing sector and its middle-class employment base,” said Tantillo.
To start fixing its broken trade policy, the United States immediately must counter the sizeable subsidy that China provides to its exporters through its illegal pegging of yuan to the dollar. As such, Congress should pass without delay H.R. 2942, the Currency Reform for Fair Trade Act of 2007 introduced by Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA).
Consistent with the World Trade Organization's provisions, H.R. 2942 would discourage currency manipulation by China and other countries by giving U.S. producers and workers the right to seek a remedy for injurious export subsidies or dumping under the U.S. countervailing duty (CVD) or antidumping duty law.
Again noting the massive manufacturing job losses in recent years, Tantillo concluded, “The failure of the U.S. House of Representatives to pass meaningful anti-currency manipulation legislation in 2007 deeply disappointed U.S. domestic manufacturers.
Relief from China's predatory trade practices is needed by U.S. manufacturers more than ever. AMTAC is confident that if the House were to hold a vote on Ryan-Hunter tomorrow, the bill would pass overwhelmingly. The time for the House to act is now.”
American Manufacturing Trade Action Coalition
marketing@alchempro.com
