Cracking down on China currency manipulation

WFMJ

NEWTON FALLS, Ohio - Local lawmakers are calling on the House leadership to stand up to China.

The Senate passed a bill that would crack down on China's currency manipulation.  But so far, the House leadership has refused to bring the bill up for a vote.

China may be thousands of miles away but what happens there has an impact on small businesses like Venture Plastics in Newton Falls.

John Colm with Northeast Ohio Campaign for American Manufacturing says, "U.S. based manufacturers are competing globally.  What we're trying to address through this bill is an opportunity to level the playing field."

For years now China has been manipulating its currency.  That gives Chinese companies a price advantage in the market place, sometimes up to 30 percent.

"It's clear that China's cheating on international trade. We've seen almost three million jobs lost in this decade to China alone, two thirds of those are manufacturing," says Senator Sherrod Brown.

The bill, that passed with bipartisan support in the Senate, would allow the President to impose tariffs on Chinese products, if it can be proven that the country manipulated its currency.

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Cracking down on China currency manipulation »