Congressional Members Call on Obama Administration to Urge Action on China Currency Manipulation; U.S. Workers, Industries Adversely Hurt

Contact: Gary Hubbard, 202-778-4384 (O); 202-256-8125 (C),   ghubbard@usw.org

Washington, D.C. (Mar. 16, 2010) – Leo W. Gerard, International President of the United Steelworkers (USW), reinforced today’s bi-partisan letter sent to the Obama administration as signed by 130 members of Congress led by U.S. Reps. Mike Michaud (ME-02) and Tim Ryan (OH-17), calling it a timely and overdue action that urges immediate steps to the growing problems associated with China’s continued currency manipulation.

In posting the Michaud/Ryan letter on the USW Web site, Gerard said: “The congressional letter is a timely rebuke to China’s growing trade imbalance with the U.S. and the harm it is unfairly doing to American workers and industry. Our nation’s trade imbalance is unsustainable and it factually demonstrates China is operating as a protectionist country. Currency is probably the single most critical barrier to exports by the U.S., but it’s hardly the only one.”

The International union president joined in calling upon both Treasury Secretary Geithner and Commerce Secretary Locke to take the steps requested by the Michaud/Ryan letter to cite China as a currency manipulator as required by U.S. trade law.

Upon release of the letter, Congressman Michaud of Maine declared:  “China’s currency manipulation essentially subsidizes Chinese exports and imposes tariffs on foreign imports.  This presents an insurmountable trade barrier to U.S. manufacturers,” said Michaud.  “If the administration fails to act on this issue it will hold back our economic recovery and hurt the ability of American small businesses and manufacturers to increase their production, keep their doors open, and create jobs.”

Congressman Ryan of Ohio added, “China continues to flout international trade laws by manipulating its currency value to increase its trade advantages. This is completely unacceptable.  All that our people are asking for is a level playing field.” Citing several Ohio manufacturing companies, he said they are doing everything in their power to stay afloat during a difficult economy while China continues to break the rules at every turn.  “I am fighting – and will continue to fight – on their behalf, forcing China to play fair and discontinue these illegal trade practices.”

Click here for the full text of the letter, as well as those who signed it.

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