U.S. Senator Debbie Stabenow (D-MI) today introduced a bill to hold countries like China and Japan accountable for cheating trade law by manipulating their currency. Led by Senators Sherrod Brown (D-OH) and Jeff Sessions (R-AL), The Currency Undervaluation Investigation Act would give U.S. industries the tools they need to stop countries from cheating American manufacturers and workers. Senator Stabenow continues to lead the effort to make sure all of America’s trade agreements include strong and enforceable currency rules. ‘When countries like China and Japan cheat, Michigan workers and manufacturers lose,’ said Stabenow. ‘It’s time to stop unfair trade practices like currency manipulation and hold countries accountable when they don’t play by the rules.’ According to the Peterson Institute for International Economics, China’s currency remains significantly undervalued against the dollar. Sen. Stabenow has been a long-time sponsor and proponent of legislation that penalizes countries that manipulate their currency. Too often, when consumers buy automobiles, tires, appliances or furniture made in countries like China and Japan the price seems like a bargain. However, consumers are actually seeing a cheaper price because foreign governments subsidize their products by keeping their currency undervalued. Because of this, these countries can undercut Michigan manufacturers and put them out of business because of unfair competition. The Currency Undervaluation Investigation Act allows U.S. trade law to counter the economic harm to U.S. manufacturers caused by currency manipulation by requiring the U.S. Department of Commerce to investigate whether currency undervaluation by a foreign government provides a countervailable subsidy. This action will provide relief to American workers and businesses undermined by manipulated exchange rates.
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