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Urge House Lawmakers to End Unfair Trade Practices - Currency Manipulation | |||
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The House Ways and Means Committee is gearing up to act on trade/currency legislation this fall. NADCA members need to let their members of the U.S. House of Representatives during the August district work period know that die casters want Congress to pass meaningful trade legislation this YEAR. The bill must apply anti-subsidy laws to all economies, address the inequities of currency manipulation, and strengthen our trade laws. Groups on the other side of this issue, including retailers and other importers, are actively lobbying against currency legislation and prefer to keep the status quo. Several bills are working through Congress that would permit U.S. businesses and workers harmed by currency manipulation, and other subsidized imports from China and other places, to obtain import tariffs that precisely offset the unfair advantages created by those industrial policies. Such tariffs are not protectionist. They merely neutralize unfair advantages given to foreign competitors by governments. When the subsidies stopped, so too would the tariffs. NADCA supports bipartisan legislation - formerly the Fair Currency Act of 2007 - now the newly revised Currency Reform for Fair Trade Act of 2007 (H.R. 2942) - which would make currency manipulation by China and other countries a subsidy. Both bills were introduced by Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA). In addition, the Ryan-Hunter bill states that countervailing duty trade cases targeting government subsidies can be brought against nonmarket economies (such as China), defines currency misalignment and states how to measure the degree of undervaluation. As you know, countries like China and India, maintain undervalued currencies against the dollar and give manufacturers tax rebates and other subsidies that make their exports artificially cheap, and U.S. products artificially expensive in their markets.
ACTION REQUESTED: NADCA members should fax a letter to their Representatives urging them to pass strong trade legislation this year, including the Ryan-Hunter provisions. A sample letter is available – feel free to personalize. Please fax a copy of your letter to your Representative (obtain fax number from http://www.house.gov) and be sure to provide a copy of your letter to the NADCA Washington Office - fax: 202/898-0188.
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