Steel Institute and Others Ramp Up Call for Currency Policy Remedies
08/14/2014 - The American Iron and Steel Institute (AISI) and allied manufacturing groups reiterated their call for strong and enforceable currency manipulation disciplines in all future trade agreements, including the Trans-Pacific Partnership (TPP).
In a press conference at the City Club in Cleveland, Ohio, AISI president and CEO Thomas J. Gibson joined with American Automotive Policy Council (AAPC) president Governor Matt Blunt and National Council of Textile Associations (NCTO) president and CEO Augustine Tantillo, on behalf of their members, to highlight how unfair currency policies hurt American job creation and economic growth — impacting the 18,000 steel jobs in Ohio. The group will be holding similar events in North Carolina and South Carolina next week.
"American manufacturers and their workers are under attack from surging imports benefitting from unfair trade practices — like currency manipulation," Gibson said. "Currency manipulation is a threat to American jobs and economic growth. It is important that both Congress and the Administration develop disciplines that address this problem, including strong provisions in all future trade agreements."
He said that recent economic studies have estimated that undervalued currencies resulting from intervention have caused an increase in the U.S. trade deficit of up to US$500 billion per year.
"If currency manipulation is addressed in new trade agreements, it could lower the U.S. trade deficit, boost U.S. economic growth, U.S. exports, and lead to more American jobs," Gibson concluded.
Last month, AISI, AAPC, NCTO and others wrote to Treasury Secretary Jack Lew urging that strong and enforceable provisions prohibiting currency manipulation are included in all future U.S. free trade agreements. A similar letter was sent earlier this year, signed by 230 members of the U.S. House of Representatives, and 60 members of the U.S. Senate.
"American manufacturers and their workers are under attack from surging imports benefitting from unfair trade practices — like currency manipulation," Gibson said. "Currency manipulation is a threat to American jobs and economic growth. It is important that both Congress and the Administration develop disciplines that address this problem, including strong provisions in all future trade agreements."
He said that recent economic studies have estimated that undervalued currencies resulting from intervention have caused an increase in the U.S. trade deficit of up to US$500 billion per year.
"If currency manipulation is addressed in new trade agreements, it could lower the U.S. trade deficit, boost U.S. economic growth, U.S. exports, and lead to more American jobs," Gibson concluded.
Last month, AISI, AAPC, NCTO and others wrote to Treasury Secretary Jack Lew urging that strong and enforceable provisions prohibiting currency manipulation are included in all future U.S. free trade agreements. A similar letter was sent earlier this year, signed by 230 members of the U.S. House of Representatives, and 60 members of the U.S. Senate.
