The U.S. Department of the Treasury today released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies. The report did not cite either China or Japan for currency manipulation.
Alliance for American Manufacturing (AAM) President Scott Paul said:
"While the decision not to cite China or Japan for currency manipulation is disappointing, I have to say that it's not terribly surprising given Treasury's track record.
"However, under a classic definition of currency manipulation both countries would easily qualify.
"Congress, the ball is now in your court. We have bipartisan legislation that passed the House of Representatives in 2010, passed the U.S. Senate in 2011, and would sail through both chambers today.
"The Alliance for American Manufacturing continues to believe that countries like China and Japan will only take the U.S. government seriously if words are backed by action."
Additional information:
- The U.S. goods trade deficit with China reached a record high of $315 billion in 2012.
- Japan has recently weakened the yen. Read more about Japan's currency manipulation.
- Read Paul's recent op-ed on America's flawed trading relationship with China.