WASHINGTON, D.C. – Committee on Ways and Means Trade Subcommittee Ranking Member Bill Pascrell, Jr. (D-NJ), and Reps. Sander Levin (D-MI), and Tim Ryan (D-OH) introduced the Currency Reform For Fair Trade Act. This bill takes aim at currency manipulators by enabling the Department of Commerce to impose countervailing duties to offset the impact of currency manipulation on a U.S. industry.
"While President Trump sounded tough on trade during his campaign, his presidency has been full of broken promises," said Rep. Pascrell.
"Today we are calling on President Trump to fulfill his promise to address currency manipulation by supporting our legislation. This bill provides a targeted remedy to American manufacturers and workers that are harmed by countries that play against the rules by depressing the values of their currency. It's past time to provide relief to Americans that play by the rules and it's past time for President Trump to take meaningful action on this issue."
"During the campaign the President repeatedly declared that he would name China a 'currency manipulator' on day one," said Rep. Levin.
"Day one has come and passed, and he has failed to do anything meaningful to give the American people the new trade policy they demanded during the campaign. Rather than bombastic rhetoric, we have a better approach. This bill takes aim at currency manipulators by enabling the Department of Commerce to impose countervailing duties to offset the impact of currency manipulation on a U.S. industry. It complements our support for enforceable currency provisions in our trade agreements and prepares the U.S. for any future currency manipulation which have been shown to have such a devastating impact on US jobs." "Currency manipulation is costing America jobs and it is time to hold China and other countries accountable for their illegal actions," said Rep. Ryan.
"We have the most innovative and productive workers in the world, but we need a level playing field if we want to remain competitive. As President Trump meets with Chinese President Xi today, I call on him to remember the promises he made on the campaign trail and get serious about currency manipulation. This legislation is an important step to ensure American manufacturing can thrive and sends a strong message to foreign governments who manipulate their currencies at the expense of our workers."
The three members also sent a letter to President Trump in February urging him to go beyond executive action and support this legislation so that U.S. manufacturers will have the confidence needed to invest in the United States (letter).