AISI expressed its dissatisfaction after the U.S. Treasury Department decided on April 15, 2009 to once again not name China as a currency manipulator. Instead, the U.S. Treasury released a report stating that China has not met the legal requirements to warrant being called a currency manipulator.

“AISI is very disappointed that the Obama Administration decided not to name China a currency manipulator in the Treasury Department’s semiannual report,” said Thomas J. Gibson, president and CEO, AISI. “We had been hopeful for a different finding, given Treasury Secretary Geithner’s comments earlier this year suggesting that the new Administration believes the government of China is manipulating its currency. It is now more urgent than ever that Congress pass promptly a trade law remedy fix to this problem of currency manipulation, which has contributed to the current U.S. trade deficit and allows China to undercut U.S. trade”

The Treasury Department’s report goes on to state that China is not using its currency to gain unfair trade advantages. AISI, however, disagrees.

“Given the massive damage that China’s severely undervalued currency has done to U.S. manufacturing companies, their employees and their communities, this would have been a good first step and a welcome change from the view of the previous Administration,” said Gibson. For more information, contact Nancy Gravatt.