Grassley Encourages President to Name China a Currency Manipulator, Help U.S. Exporters
Sen. Chuck Grassley, ranking member of the Committee on Finance, with jurisdiction over international trade, made the following comment in response to the President’s comments today that China and Asia would be a huge market for U.S. exports going forward but it would be important to address currency rates to ensure American goods were not facing a disadvantage.
“China is a big beneficiary of international trade, yet it fails to allow its currency to float freely. That’s not right for such a major economy, and American exporters are cheated as a result. I criticized the previous administration for failing to identify China as a currency manipulator, and so far we’ve seen more of the same from the Obama administration. I gave this administration’s diplomatic efforts the benefit of the doubt, but so far the Strategic and Economic Dialogue with China hasn’t produced results. But President Obama has the opportunity to change course. His administration can label China a currency manipulator in its upcoming biannual report. Secretary Geithner already acknowledged as much during his confirmation proceeding. Maybe that will finally get China’s attention and lead to a more level playing field for U.S. exporters.”
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