Steel Institute, Others Visit South Carolina to Address Currency Manipulation

For Immediate Release
August 21, 2014

COLUMBIA, SC– The American Iron and Steel Institute (AISI) and allied manufacturing groups today 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 State Capitol Building in Columbia, SC 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 more than 3,000 steel jobs in South Carolina. The groups held similar events in Cleveland last week and North Carolina yesterday.

"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 $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.

Contact: Lisa Harrison
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AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. AISI is comprised of 22 member companies, including integrated and electric furnace steelmakers, and approximately 125 associate members who are suppliers to or customers of the steel industry. AISI's member companies represent over three quarters of both U.S. and North American steel capacity. For more news about steel and its applications, view AISI's website at