There isn’t much Democrats and Republicans can agree on these days, but one idea is uniting senators on both sides of the aisle.
This month I joined my colleagues of both political parties to announce the introduction of the Currency Undervaluation Investigation Act, to stand up to Chinese currency manipulation.
This bipartisan plan could create five million jobs, increase our GDP by as much as $720 billion, and provide a shot in the arm to American manufacturing — all at no cost to taxpayers.
China’s currency manipulation has been a problem for years, resulting in artificially expensive American imports to China and artificially cheap Chinese exports to the U.S. This puts our American manufacturers at a serious disadvantage. Currency manipulation has already cost us up to 5 million jobs and continues to be a drag on our economy.
Diplomatic efforts to address this cheating simply aren’t working — and we’ll continue to lose jobs if we don’t take action.
That’s why we are introducing this legislation which would require the Department of Commerce to investigate currency manipulation as an illegal subsidy — just like all other illegal subsidy allegations made by U.S. companies. The Department of Commerce already has the authority to investigate currency manipulation — but it has declined to do so.
Instead of addressing our growing trade deficit, we are pursuing trade deals with countries who manipulate their currencies. If we are going to continue to pursue an aggressive trade promotion agenda, we must combine it with equally strong trade enforcement.
That means fighting back against currency manipulation.
Foreign companies who skirt the rules are actively undermining the effectiveness of trade laws designed to protect workers and ensure American businesses can compete. This bipartisan plan would mean more products stamped with “Made in the USA,” and fewer stamped “Made in China.”
We know that our American workers are the best in the world, and that with a level playing field they will out-compete anyone. I will work with the senators of all political stripes to attach this bill to any legislation going to the president’s desk, and make sure China is playing by the same rules as the rest of us.