U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, issued the following statement today after the U.S. Treasury Department failed to label China as a currency manipulator in its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies:
"Not only did the Obama Administration miss the deadline for issuing this report, they've added insult to injury by failing to take it seriously. Given our large and growing trade imbalance with China, it is simply inexcusable for the White House to continually shirk its statutory obligations and refuse to take this issue head on. The Obama administration has also failed to respond to my request for a clear explanation of the role of currency manipulation in the context of Trans Pacific Partnership negotiations, even though a new round is scheduled to begin this week. The economic problems our country faces demand strong Presidential leadership. Ignoring critical trade issues and issuing late reports that are simply more of the same are a poor substitute."