·  USW

USW Encourages U.S. House to Cut Budget Deficit, Create Jobs by Taking Action to Stop China's Currency Manipulation

CONTACTS: Wayne Ranick (412) 562-2442
                Gary Hubbard (202) 778-4384

(Pittsburgh, PA) – Citing Commerce Department statistics released this morning that indicate that economic growth is substantially lower than originally projected, the United Steelworkers (USW) sent letters to members of Congress today asking them to stop China’s currency manipulation.

The letter states: “Next month, when Congress returns, you will have the opportunity to cut our trade deficit in order to address lagging growth, and, at the same time, make a substantial down payment on the federal budget deficit while spurring job growth” by voting for and passing the Ryan-Murphy bill, HR 2378 (The Currency Reform Fair Trade Act).   

Citing that China’s practices amount to as much as a 40 percent subsidy, USW International President Leo W. Gerard said, “Preliminary estimates point to as much as a $500 billion reduction in our nation’s federal budget deficit over the next six years from ending China’s currency manipulation.”

To see the letter in its entirety, click here.

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