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.
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.
The American Iron and Steel Institute (AISI) and allied manufacturing groups today reiterated their call for strong and enforceable currency manipulation disciplines in all future trade agreements, including the Trans-Pacific Partnership (TPP).
American businesses could be hiring more workers today if we ended unfair trade practices used by some of our trading partners. No matter how competitive companies are in Ohio, they struggle to keep up with foreign competitors that are given an unearned advantage because of currency manipulation.
Leading manufacturing association presidents came to Cleveland on Wednesday to remind Ohioans that currency manipulation and unfair trade practices continue to hurt American workers, businesses and farmers.
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.