Ahead of the US-China Strategic and Economic Dialogue, two top American Senators have asked President Barack Obama to take immediate and necessary actions to crack down on currency manipulation.
In order to protect American jobs and ensure the competitiveness of US manufacturers, Senators Sherrod Brown and Jeff Sessions called for the Administration to support the Currency Exchange Rate Oversight Reform Act.
Their bipartisan legislation would use US trade law to punish countries like China that distort trade by misaligning its currency.
"China’s currency manipulation weakens our economic recovery and makes US exports less competitive, which is why we must combat it with every tool in our toolbox," the Senators wrote in a letter to Obama.
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