[CTC] Brown Urges Swift Action on Chinese Currency Manipulation

[Arthur Stamoulis]

https://www.brown.senate.gov/newsroom/press/release/brown-urges-swift-action-on-chinese-currency-manipulation <https://www.brown.senate.gov/newsroom/press/release/brown-urges-swift-action-on-chinese-currency-manipulation>
Brown Urges Swift Action on Chinese Currency Manipulation

Senator Responds to Reports of White House Plan to Implement His Currency Manipulation Bill By Executive Order

Tuesday, February 14, 2017 
WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) is urging President Trump to move quickly following reports <https://www.wsj.com/articles/u-s-eyes-new-tactic-to-press-china-1487034167?tesla=y> the Administration is considering plans to crack down on Chinese currency manipulation. According to the Wall Street Journal, the Commerce Secretary would treat currency manipulation as an unfair subsidy in trade cases brought by U.S. companies, which is the goal of Brown’s Currency Undervaluation Investigation Act <https://www.brown.senate.gov/newsroom/press/release/as-trade-talks-continue-bipartisan-group-of-senators-unveils-bill-to-stand-up-for-american-jobs-by-addressing-currency-manipulation>. Brown sent a letter to Trump in November 2016 <https://www.brown.senate.gov/newsroom/press/release/brown-demands-president-elect-trump-make-good-on-campaign-promises-on-trade> asking the Administration to implement the currency policy outlined in his legislation by executive order, as part of its plans to follow through on Trump’s campaign promises on trade.

“Steel and aluminum workers across Ohio have felt the destruction caused by China’s unfair trade practices as their factories have been shuttered and they’ve been forced out of their jobs. That’s why I immediately reached out to President Trump’s team in November to offer my help in cracking down on China’s abuses, including its manipulation of its currency,” said Brown. “Giving the Commerce Department authority to go after currency manipulation in trade cases is the most meaningful way we can provide relief for American manufacturers who’ve been hurt by this unfair practice and I urge the White House to move quickly.”

Brown’s November letter – which received a handwritten response from President Trump – specifically asked Trump to instruct the Commerce Department to investigate currency manipulation in countervailing duty cases when alleged by U.S. petitioners to give American manufacturers additional ways to fight back against countries like China who do not follow the rules.

Brown first introduced his currency crack down bill in October 2011 <https://www.congress.gov/bill/112th-congress/senate-bill/1619> and reintroduced it in June 2013 <https://www.congress.gov/bill/113th-congress/senate-bill/1114> and February 2015 <https://www.brown.senate.gov/newsroom/press/release/as-trade-talks-continue-bipartisan-group-of-senators-unveils-bill-to-stand-up-for-american-jobs-by-addressing-currency-manipulation>.
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