Today, Joe Donnelly, candidate for U.S. Senate, called the Obama Administration's failure to label China as a currency manipulator a "mistake." The U.S. Treasury issued a report on international exchange rate policies late last week.
"We have to crack down on China's unfair trade practices that lead to a loss of Hoosier jobs," said Donnelly. "Failing to call China a currency manipulator is a mistake. The Obama Administration missed an opportunity to recognize the fact that the Chinese government is unfairly valuing their goods, leading to artificially low prices. Manufacturers in Indiana are at a disadvantage, and tens of thousands of Hoosier jobs are on the line."
Joe has long-supported cracking down on China in order to level the playing field American manufacturers. In addition to repeatedly calling on the Obama Administration to recognize China as a currency manipulator, Joe supports legislation in Congress that would impose tariffs on undervalued Chinese goods. This is a sharp contrast with Richard Mourdock, who reversed his position on China's job-killing trade policies to earn the support of the ideologically extreme Club for Growth. After his flip-flop, the Club for Growth bundled more than $300,000 for Mourdock's beleaguered campaign and spent more than $2 million in independent expenditures either for Mourdock or opposing Senator Richard Lugar.
The Economic Policy Institute released a report in the fall of 2011 concluding that Indiana lost nearly 62,000 jobs from 2001 to 2010 due to the trade deficit with China.