China’s currency manipulation hurts Ohio

Columbus Dispatch

MORAINE, Ohio — New data from the federal government show that Ohio lost 3,500 manufacturing businesses in the past 10 years.

The loss of those businesses has cut the state’s annual manufacturing payroll by $7.8 billion, the data from the U.S. Bureau of Labor Statistics show.

The losses track the impact of offshoring — the moving of jobs overseas — by multinational companies and the economy’s slide into the Great Recession. The data also shed light on the current debate over a $6 trillion cumulative trade deficit that piled up over a decade, and whether the U.S. should put more pressure on China to stop manipulating its currency, which undercuts domestic manufacturing.

The issue has split three top Ohio legislators who have pivotal roles in the debate. Ohio Sens. Rob Portman, a Republican, and Sherrod Brown, a Democrat, think the U.S. should take a harder line toward China by punishing currency manipulation. However, U.S. House Speaker John Boehner, R-West Chester, said the move jeopardizes U.S.-China relations. He’s refusing to allow a House vote on an anti-currency manipulation bill.

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