Manufacturers fight back against currency manipulation

Rachel Abbey McCafferty

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 issue of so-called currency manipulation — when a government purposefully devalues its currency — and its affect on manufacturing was highlighted last week in Cleveland. Last Wednesday, Aug. 13, the leaders of three trade organizations representing industries employing more than 42,000 Ohioans gave a news conference at the City Club in Cleveland, calling for controls for currency manipulation to be enacted as part of the Trans-Pacific Partnership. 

Source: 
Crain's Cleveland