AISI Says Treasury Report on Currency "Again Falls Short"

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For Immediate Release
April 10, 2015

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

WASHINGTON, D.C. – AISI President and CEO Thomas J. Gibson issued the following statement regarding the Obama Administration’s announcement, in a semi-annual Treasury Department report issued last night, that it would not label China as a currency manipulator:

“AISI is extremely disappointed that the U.S. Treasury has once again side-stepped its obligation to address China’s currency manipulation. While we are encouraged that the report recognized that China greatly undervalues its currency, it falls short by not declaring China a currency manipulator. While the U.S. plays by the rules and adheres to its WTO obligations, some of our trading partners do not. The Administration has missed an opportunity to address the massive damage that China’s severely undervalued currency is causing to our nation’s manufacturing sector.

“Our industry continues to face a flood of dumped and subsidized imports coming into this country unfairly and at record levels. When the Congress considers TPA legislation, it needs to balance that with measures to ensure strong and enforceable disciplines against the trade-distorting practice of currency manipulation, as is supported by the majority of Congress.”

Gibson applauded legislation introduced by a dozen members of Congress, led by Sens. Sherrod Brown (D-OH) and Jeff Sessions (R-AL), and Reps. Sander Levin (D-MI) and Tim Murphy (R-PA), to allow U.S. businesses to utilize the existing countervailing duty law to address the unfair trade advantage given to imports that benefit from currency manipulation. This measure has been a key provision of currency legislation passed by both the House and the Senate in previous Congresses.

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