Trade practice attacked
China's manipulation of its currency cost this nation 500,000 to 1 million jobs, said U.S. Rep. Kathy Dahlkemper, D-3rd, during a visit Monday to the Community Development Corporation of Butler County.
Dahlkemper was accompanied by U.S. Rep. Sander Levin, D-Mich., who is the chairman of the House Ways and Means Committee.
In an effort to get China to change its currency, the House last week approved the Currency Reform for Fair Trade Act, which now goes to the Senate for approval.
Dahlkemper said the House approved the act because "China cheats," and needs to be stopped by the International Trade Union.
Levin said China is "buying $1 billion (U.S.) dollars every day, keeping its currency weak and ours strong, making their goods cheap and ours cost more."
This method not only affects Chinese goods coming into the U.S., but affects trade with other countries because China is able to deliver products at a lower price.
Micky Bolt with the Alliance for American Manufacturing said the U.S. continues to lose its manufacturing base to China because of that country's currency manipulation and because the Chinese government subsidizes Chinese companies and the dumping of Chinese goods on the market.
"Hopefully, the Senate will pass the reform act and stop this nonsense," Bolt said.
Both Dahlkemper and Levin talked about needing a strategy for U.S. trade and manufacturing before "we don't make anything anymore," with Dahlkemper adding that would affect both the U.S. economy and U.S. national security.
Dahlkemper and Levin travel to Mercer County today to talk with workers at Wheatland Tube.
