Stabenow Statement on Administration's Refusal to Cite China for Currency Manipulation
U.S. Senator Debbie Stabenow (D-MI) today made the following statement regarding the Bush Administration's refusal to cite China for manipulating its currency. China's policy of currency manipulation provides a subsidy to exporters, resulting in an unfair competitive advantage over American manufacturers.
"Middle-class families and manufacturers are suffering because this administration refuses to act against China.
"In real world terms it is simple: The same good, made with the same materials, will cost up to 40% less when made in China, solely because of currency manipulation. The Bush administration's continued refusal to cite China for this brazen violation of trade law is simply unconscionable.
"China is cheating and our companies and middle-class workers continue to suffer. That is why I will continue to fight to pass my legislation that would provide U.S. manufacturers with the legal means to fight back against countries that cheat.
"This holiday season, American workers deserve action, not another administration refusal to hold China accountable."