Aluminum Extruders Support Legislation to Address Unfair Trade
Reports show that eliminating currency manipulation would create up to 2.3 million American manufacturing jobs.
Posted: February 20, 2015
The Aluminum Extruders Council (AEC; Wauconda, IL) is in agreement with the efforts and recent statement of The Committee to Support U.S. Trade Laws (CSUSTL), an organization of manufacturers, workers, and others dedicated to the preservation and enhancement of U.S. trade laws. The Committee stated, “CSUSTL applauds the introduction of the Senate’s Currency Undervaluation Investigation Act (S. 433) and the House’s Currency Reform for Fair Trade Act (H.R. 820), both of which address currency manipulation.” CSUSTL recently issued a press release announcing their support of this key legislation. In that release, CSUSTL made the following statements:
The Senate bill, introduced by a bipartisan group of senators, included U.S. Senators Sherrod Brown (D-OH), Jeff Sessions (R-AL), Charles E. Schumer (D-NY), Lindsey Graham (R-SC), Debbie Stabenow (D-MI), Richard Burr (R-NC), Rob Portman (R-OH), Susan Collins (R-ME), Bob Casey (D-PA) and Joe Donnelly (D-IN), takes aim at countries like China that upend the rules of fair trade by manipulating their currency and seeks to hold them accountable for these actions. Similar legislation was introduced in the House by House Committee on Ways and Means Ranking Member Sander Levin (D-MI) and Representatives Tim Murphy (R-PA), Tim Ryan (D-OH), and Mo Brooks (R-AL). The House bill also targets currency manipulators and seeks to impose countervailing duties to offset the impact of currency manipulation on U.S. industry.
Both bills would require the Department of Commerce, during an unfair trade investigation, to examine whether and the extent to which a government’s currency manipulation provides a countervailable subsidy to its industries. Domestic producer parties would have to request such an examination and provide documentation to support an allegation of currency manipulation.
“We have long supported efforts to control the rampant currency manipulation by countries like China that continue to not play by the rules,” said CSUSTL president Terry Stewart. “We believe this legislation is a critical and necessary step in protecting the hardworking American workforce from the effects of unfair trade practices. We support this bipartisan effort and will advocate for passage of a currency bill that will end this trade distorting practice.”
American businesses and workers follow global trading rules and unfortunately for over a decade have had to battle against China’s unchecked currency manipulation. The undervalued yuan erodes the bottom line of otherwise competitive U.S. companies, resulting in fewer opportunities to serve its customers and fewer jobs for workers. According to a report by the Peterson Institute for International Economics, foreign government currency market intervention and manipulation has resulted in an estimated loss of as many as five million U.S. jobs over the last ten years. Further, an analysis by the Economic Policy Institute found that eliminating currency manipulation would create up to 5.8 million American jobs, 40 percent of which would be in the manufacturing sector. It would also reduce the goods trade deficit by at least $200 billion.
CSUSTL will continue to work with these Congressional leaders to advance this legislation in the 114th Congress. The AEC will continue to support CSUSTL efforts and has actively taken the case to key legislators this month.
The Aluminum Extruders Council is an international trade association dedicated to advancing the effective use of aluminum extrusion in North America. AEC is committed to bringing comprehensive information about extrusion’s characteristics, applications, environmental benefits, design and technology to users, product designers, engineers and the academic community. Further, the organization is focused on enhancing the ability of its members to meet the emerging demands of the market through sharing knowledge and best practices.
The Committee to Support U.S. Trade Laws is an organization bringing together companies, trade associations, labor unions, workers, and individuals committed to preserving and enhancing U.S. trade laws. Members span all sectors, including manufacturing, technology, agriculture, mining and energy, and services. We are dedicating to ensuring the enduring strength of U.S. trade laws, as well as the continued enforcement of laws against unfair trade in international negotiations at the WTO, and beyond.
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