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AISI Commends Congressmen for Actions on China Currency
Jun. 24, 2010 Congressmen Tim Ryan (D-Ohio) and Tim Murphy (R-Pa.) were commended by American Iron and Steel Institute (AISI) President and CEO Thomas J. Gibson for their urgent call to the House of Representatives to pass their bipartisan legislation, The Currency Reform for Fair Trade Act of 2009 (H.R. 2378). The legislation will give U.S. manufacturers a trade remedy tool to address the injury caused by foreign government currency manipulation.
“China’s recent announcement that it will allow its currency to be more flexible was immediately followed by its subsequent statement that there would be no significant appreciation in the renminbi against the U.S. dollar and that the exchange rate would remain basically stable,” Gibson said in a statement. “This is proof that we cannot rely on vague promises of future reforms by China.
“Congress needs to say, enough is enough, and enact legislation that will protect U.S. manufacturers and American businesses from China’s currency export subsidy. Failing to address China’s currency manipulation will only continue to impede our economic recovery and impair the ability of American businesses to increase their production, keep their doors open, and create jobs.”
Gibson adds that Congress should enact as soon as possible an effective trade remedy tool to deal with this currency misalignment. “Legislation has been introduced…that would address the issue of currency manipulation (H.R. 2378 and S. 3134) and both proposals should be brought forward for consideration in their respective bodies without further delay,” he said. “American manufacturers and their workers are being injured by this unfair practice. We cannot continue to give China a pass on this critical issue.”
AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. The Institute also plays a lead role in the development and application of new steels and steelmaking technology. It comprises 23 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.