Rahall Wants Currency Reform to Protect American Jobs

Press Release

U.S. Rep. Nick Rahall (D-W.Va.) today cosponsored legislation to enable the United States to respond to unfair trade practices and to protect manufacturing jobs in southern West Virginia.

"China's currency manipulation is an illicit and illegal trade subsidy that has contributed significantly to alarming U.S. trade deficits and job losses for American workers," said Rahall. "It's long past time that we did something about it."

The bipartisan Currency Reform for Fair Trade Act would allow for the imposition of countervailing and antidumping duties to provide relief to U.S. industries that are materially injured by imports from countries that undervalue their currency. The bill would reverse guidance that has precluded the U.S. Department of Commerce from treating currency practices as an export subsidy.

According to some experts, if China allowed its currency to respond to market forces, it could create one million U.S. manufacturing jobs and cut our nation's trade deficit with China by $100 billion a year, with no cost to the U.S. Treasury.

"Far too many Administrations have turned a blind eye to predatory and protectionist trade practices abroad, or held their punches in fighting back. West Virginia workers can compete and win on a level playing field, but it will require more than half-measures in slapping down illegal trade practices that hurt our steelworkers, our coal miners, and manufacturers, and that cost American workers their jobs," said Rahall.

Last year, Rahall helped to pass similar legislation, which garnered overwhelming bipartisan support. The Senate did not pass the measure before adjourning. In January, Rahall joined 82 of his colleagues in writing to President Obama urging him to stand firm in protecting American manufacturers from China's unfair trade-related practices.

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