U.S. Senators Tammy Baldwin and Josh Hawley Lead Bipartisan Effort to Restore Competitiveness to U.S. Exports, Boost American Manufacturers and Farmers

Statement

For two decades, foreign countries, including China, have manipulated their currencies to boost their exports while making American products more expensive abroad. Foreign purchases of U.S. stocks, bonds and other assets have also led to an overvalued American dollar that has put our businesses and workers at a disadvantage. As a result, our trade deficit has exploded and 90,000 factories have closed down, thousands of family farms have gone bankrupt, and millions of manufacturing workers have lost their jobs.

Today, U.S. Senators Tammy Baldwin (D-WI) and Josh Hawley (R-MO) are introducing a bipartisan plan to make U.S. exports more competitive, boost American manufacturers and farmers, and reduce our trade deficit. The Competitive Dollar for Jobs and Prosperity Act would manage the U.S dollar exchange rate and bring it into alignment by placing a "market access charge" on foreign purchases of U.S. stocks, bonds and other assets.

According to the Coalition for a Prosperous America (CPA), bringing the U.S. dollar into alignment could add nearly $1 trillion to America's GDP, create more than five million new U.S. jobs and raise more than $2 trillion in tax revenue over six years.

"For years, foreign actors like China have manipulated their currency, making American exports more expensive and Chinese imports cheaper, forcing our manufacturers and farmers to compete at a disadvantage and blowing up our trade deficit. Today, foreign investors have driven up the American dollar, helping Wall Street profit but holding back stronger economic growth," said Senator Baldwin. "We need reforms that create a competitive American dollar and an even playing field for manufacturers, farmers and workers. This bipartisan fix will increase American exports and boost our manufacturing and farming economy."

Senator Hawley said, "For decades, China and other currency manipulators have waged financial war on U.S. agriculture and manufacturing to devastating effect. This legislation creates a powerful new tool to fight back against foreign currency manipulators, encourage investment in American jobs, and make our exports more competitive around the world. Our farmers deserve a chance to earn a fair profit on their crops. Our factories deserve a level playing field. With this bill, they will get one."

The bipartisan Competitive Dollar for Jobs and Prosperity Act is supported by the Coalition for a Prosperous America (a coalition of manufacturers, organized labor, farmers, and ranchers), National Association of Pipe Fabricators, National Farmers Union, JOA Industries, Meyer Manufacturing, Lapham-Hickey Steel Operations in Oshkosh, Wisconsin, and Team Industries, Inc. in Kaukauna, Wisconsin.

Source