International Trade

Groups Call For Tough Policy on Foreign Currency Manipulation

Leaders from three manufacturing groups held a news conference, calling on Congress, the White House and trade negotiators to get tough on countries engaged in currency manipulation.

China is their primary target, having tied the value of its dollar to the U.S. dollar instead of allowing it to be determined in foreign exchange markets.

They said U.S. manufacturing may be on a post-recession rebound, but it's being undermined by China's, Vietnam's and a handful of other countries' practice of currency manipulation.

 

Manufacturers fight back against currency manipulation

Currency manipulation has a huge impact on manufacturers, says Bill Adler, president of Stripmatic Products Inc. in Cuyahoga Heights. Indeed, the past chairman of the Precision Metalforming Association thinks it's the biggest hurdle U.S. companies face when it comes to competing globally.

“We see and feel the direct impact of lost jobs, lost revenues because of unfair currency manipulation,” Adler said.

Leaders meet at the City Club to save 5,000,000 jobs

Leading manufacturing association presidents participated in a press conference at the City Club of Cleveland.

They called for U.S. government representatives to strongly address unfair currency policies in ongoing international trade talks with Asian nations.

Former Missouri governor Matt Blunt is president of the American Automotive Policy Council and is among those calling for congressional action to help level the playing field and create jobs here at home.