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.
Related recent Blogs
- What's funding the military buildup in China? • by TGarland • 04/23/2014
- Quote Of The Day: "It's time the administration stiffened its spine" on trade issues • by mmcmullan • 04/22/2014
- April 22, 2014: Currency and the TPP • by mmcmullan • 04/22/2014
- April 18, 2014: Another miss from Treasury on currency manipulation • by mmcmullan • 04/18/2014
- Foxx takes to the road to push for transportation fixes • by mmcmullan • 04/17/2014
- Obama vs. Bush: Who actually made more progress in revaluing China’s yuan? • by scapozzola • 04/16/2014
- Treasury decision on China currency will cost U.S. jobs: Alliance for American Manufacturing (AAM) Statement. • by scapozzola • 04/15/2014
- OPINION: Fix the vulnerable defense industrial base • by mmcmullan • 04/14/2014
- Manufacturing Jobs & #EqualPay • by LRaup • 04/11/2014
- Rep. Sandy Levin talks currency and the TPP • by mmcmullan • 04/10/2014