American workers expect government action on China’s currency manipulation
Leo W. Gerard, International President of the United Steelworkers (USW), today testified on behalf of the AFL-CIO before a packed hearing of the Ways & Means Committee of the U.S. House of Representatives on China’s exchange rate.
The hearing was led by Chairman Sandy Levin (D-MI), who stated: “There is no real question that China’s deliberately undervalued exchange rate is unfair, contributes to global trade imbalances, and cost the U.S. jobs and economic growth, particularly in the manufacturing sector.”
Gerard responded by saying, “The question now is do we have the will to act to level the playing field and provide the support and assistance that millions of American workers and their communities expect and deserve?”
He said the American economy remains mired in a deep recession. “Unemployment, underemployment, wage stagnation, foreclosures all paint a grim picture of an economy still struggling to recover.”
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