Pelosi: it's time to hold China accountable for unfair trade practices

[Enrique]

Source: Press release

http://www.prnewswire.com/news-releases/pelosi-statement-on-announcement-by-ways--means-committee-of-markup-of-currency-reform-for-fair-trade-act-103559069.html

WASHINGTON, Sept. 22 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement on the announcement that the Ways & Means Committee has scheduled a markup on Friday of H.R. 2378, The Currency Reform for Fair Trade Act sponsored by Rep. Tim Ryan (D-OH) and Rep. Tim Murphy (R-PA). The bipartisan legislation currently has 150 co-sponsors, including 45 Republican members. On September 15, one hundred House members sent the attached letter to the Democratic and Republican Leadership requesting that the bill come to the House floor for a vote.

"The House Ways & Means Committee announced today that it will consider the bipartisan Currency Reform for Fair Trade – a key part of our 'Make It In America' agenda -- that would address currency manipulation by foreign governments, including the Chinese government.

"Members of Congress, U.S. businesses, and workers have expressed concern that the Chinese government has intervened in currency markets to cause its currency to be undervalued by as much as 40 percent. This unfair trade practice translates into a significant subsidy, artificially making U.S. products more expensive, and jeopardizing efforts to create and preserve manufacturing jobs in America.

"According to testimony at the committee hearings last week, China's currency manipulation has reduced our exports, caused the loss of U.S. manufacturing jobs, and significantly contributed to our large trade deficit with China. If China allowed its currency to respond to market forces, it could create a million U.S. manufacturing jobs and cut our trade deficit with China by $100 billion a year, with no cost to the U.S. treasury.

"For years, the Bush Administration, the Obama Administration, and Members of Congress have tried to persuade the Chinese government to allow its currency to respond to market forces. No significant progress has been made. It is time for Congress to pass legislation that will give the Administration leverage in its bilateral and multilateral negotiations with the Chinese government – so that U.S. businesses and workers have a more level playing field in world trade. The legislation must and will be consistent with our World Trade Organization obligations."

Read more: http://www.prnewswire.com/news-releases/pelosi-statement-on-announcement-by-ways--means-committee-of-markup-of-currency-reform-for-fair-trade-act-103559069.html

[HopeHoops]

1. Yo, Nancy - you're about ten years too late! Welcome to WalMart - how may we screw you today?

Frankly, Clinton should have made this a priority. He was an excellent president, but he dropped the ball on China.

[Dont_Bogart_the_Pretzel]

5. +1000

[w4rma]

10. Walmart and the Waltons were (are?) his biggest contributor. They are all from Arkansas. (nt)

[xchrom]

2. recommend -- time to look at tax policies, tariffs, trade treaties, etc --

all of these should be on the table for americans looking after their own country.

[young but wise]

3. Well, get busy.

[texastoast]

4. Hey, Pelosi

How about repealing NAFTA? Once you clean our closet, you can start cleaning others'.

[pampango]

6. After NAFTA, do we go back to the US-Canada Free Trade Agreement that preceded it or

get rid of that too. (Are we just dumping Mexico or both countries?) And repealing NAFTA does nothing about the two largest sources of our imports - China and Europe.

Our trade deficit with the EU ($61 billion) is greater than with (Mexico $48 billion). If we're cutting Mexico loose, perhaps we should we cut trade ties with Europe, too?

In 2009 our imports from those places was as follows:

China - $296 billion
EU - $282 billion
Canada - $226 billion
Mexico - $177 billion

http://www.census.gov/foreign-trade/balance/c6021.html

After we repeal NAFTA (thus dealing with Canada and Mexico), we can go after China and Europe. After them, all the other countries are relatively small potatoes. (Well, Japan is economically powerful, but, hey, they are militarily weak, so who cares.) We should be able to nail them with tariffs because we are so much bigger and stronger than them. Pretty soon we'll have nice, fat tariffs against the whole world. (Can't trust those foreigners, you know.) Smoot, Hawley and Hoover will be applauding from their graves, while FDR may be turning over in his.

[texastoast]

9. Protect American jobs and go back to tariffs

And stop listening to the corporate whining.

[onehandle]

7. Too late. Learn Chinese, kids. nt

[Kingofalldems]

8. Republicans just love that Walmart

Why?---->:shrug: