November 28, 2005
- A U.S. coalition seeking an immediate end to China's decade-long practice of manipulating its currency expressed frustration that the Bush administration again declined to name China as guilty of currency manipulation. And once again, according to the coalition, Secretary of Treasury John Snowe only threatened a finding of currency manipulation next year if China doesn't allow market forces to have more influence on the value of the yuan.
"After promising to take strong action if China did not bring its exchange rate into alignment with economic fundamentals, the Department of Treasury has again failed to take action against China's subsidized currency, which has ballooned the bilateral trade deficit to exceed $200 billion this year. It is incredibly frustrating, given that it appears the administration recognizes China does in fact manipulate its currency, but continues to issue warnings rather than take action," said China Currency Coalition spokesman David A. Hartquist.
"We are disappointed that once again this administration has failed to support U.S. workers and industry. China's undervalued currency subsidizes its exports at the expense of U.S. manufacturing and its workers," Hartquist continued.
David A. Hartquist, an international trade attorney with Kelley Drye's Washington, D.C. office, serves as counsel to the China Currency Coalition. Its co-chairs are AFL-CIO Secretary-Treasurer Richard L. Trumka and Doug Bartlett, Chairman of Bartlett Manufacturing Company, Inc., in Cary, Illinois, also a member of the United States Business Industry Council.
The China Currency Coalition is an alliance of industry, agriculture, and worker organizations whose mission is to support U.S. manufacturing by seeking an end to Chinese currency manipulation. For further information, visit www.chinacurrencycoalition.org
CONTACT: Meg Mullery, +1.202.342.8439, firstname.lastname@example.org, for the China Currency Coalition.