Alliance for American Manufacturing (AAM) to Treasury Secretary Geithner: "Don't pat China on the back"
Earlier this week, Treasury Secretary Tim Geithner said that China has made “very significant” and “promising” progress on reducing trade surpluses and currency manipulation.
In response, Alliance for American Manufacturing (AAM) Executive Director Scott Paul sent a letter to Secretary Geithner, expressing disappointment for such unwarranted comments. Paul said that praising Beijing "does little more than give the Chinese government a blank check to continue its predatory assault on our economy":
For years China has intervened massively in foreign exchange markets, buying $1 billion a day to keep the dollar strong and its own currency weak to gain an artificial trade advantage. The result of this continued intervention in the currency markets has been a dampened recovery and massive job loss for American manufacturing. According to research by the Economic Policy Institute (EPI), 2.8 million net jobs were lost over the last decade due to our massive and growing trade deficit with China.
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