Today, Congressman Zack Space demanded Congressional Leaders hold a vote on legislation that would allow retaliation against China's unfair and illegal currency manipulation. China's currency is undervalued as much as 40 percent, which makes its exports to the U.S. artificially cheaper and has cost America millions of jobs over the past decade.
"We have to bring the Chinese government to justice," Space said.
"China's illegal manipulation of its currency has cost America jobs by making goods imported from China artificially cheap," Space said. "China's manipulation has devastated Ohio's manufacturing industries and costs us more jobs every day it goes unchallenged. Under our trade agreements with China, this manipulation is illegal, and we have every right to respond in ways that reflect the true cost of goods made in China."
"Ohio's workers can compete with anyone on a level playing field. The problem is that China has tipped the scales in their favor, and "free-traders" in Congress have yet to do anything about it. It's far past time we stood up for America's workers and brought these jobs back to Ohio," Space continued.
In a letter sent yesterday to leaders including Speaker Nancy Pelosi and Minority Leader John Boehner, Space and over 100 other Members of Congress called for a vote on H.R. 2378, the Currency Reform for Fair Trade Act. The bill would direct the U.S. Department of Commerce to declare China's undervaluation as a prohibited subsidy, allowing the U.S. to respond with countervailing or antidumping duties. As the letter notes, the Economic Policy Institute reported that 2.4 million American jobs were lost between 2001 and 2008 as a result of China's policies.