Treasury Again Fails to Cite China as a Currency Manipulator
October 27, 2015 | AAMEstimated reading time: 1 minute
The U.S. Department of Treasury released its semi-annual Report to Congress on International Economic and Exchange Rate Policies Monday. This was the 14th opportunity under the Obama administration for Treasury to name China a currency manipulator – an opportunity it passed on by not citing the country after its egregious devaluation in August.
“I’m not surprised that the Treasury Department refused to identify any currency manipulators in its report, though it’s still incredibly disappointing news for American factory workers. Governments and central banks in countries like China, South Korea, Japan, and elsewhere regularly intervene in currency markets to bolster their domestic industries, often at our expense.
The consequences are clear. Manufacturing job growth in the U.S. has reversed over the summer. Our record-high trade deficit with China in 2014 may be surpassed this year. We maintain large manufacturing trade deficits with South Korea, a current free trade partner, and with Japan, a prospective one.
By passing the buck yet again, the Treasury Department is likely eroding confidence that any currency half-measure agreed to as part of the Trans-Pacific Partnership deal will be aggressively implemented.
It's a clear signal that Congress needs to pass the customs and trade enforcement bill, and in particular the bipartisan Senate provision that would strengthen domestic trade laws and our response to currency manipulation.
American workers and businesses have no recourse under existing laws to seek relief under domestic trade laws on the basis of currency manipulation. Enacting such a tool would certainly create more American manufacturing jobs than the TPP," said Alliance for American Manufacturing President Scott Paul.
Suggested Items
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
04/19/2024 | Marcy LaRont, PCB007 MagazineFor my must-read picks of the week, I’m highlighting Parker Capers, a young professional seeking employment, solid counsel from Dan Beaulieu on what your post-show plan should look like, more information and insight on “chiplets” and the need for secure data transfer standards from columnist Preeya Kuray, as well as Matt Stevenson’s design for reality wisdom. It’s a reminder to download one of our newest books (there are several) you don't want to miss if you are an assembler.
Absolute EMS Champions Collaboration Between Humans and Robots in Modern Manufacturing
04/19/2024 | Absolute EMS, Inc.Absolute EMS, Inc., an award-winning EMS provider of turnkey contract manufacturing services, offers a perfect factory environment that seamlessly blends robotic automation with human expertise.
ZESTRON Welcomes Whitlock Associates as New Addition to their Existing Rep Team in Florida
04/19/2024 | ZESTRONZESTRON, the leading global provider of high-precision cleaning products, services, and training solutions in the electronics manufacturing and semiconductor industries, is thrilled to announce the addition of Whitlock Associates to its esteemed network of sales representatives.
SEMI Applauds U.S. Chips Act Award for Samsung Electronics Facilities to Strengthen Domestic Semiconductor Supply Chain
04/17/2024 | SEMISEMI, the industry association serving the global electronics design and manufacturing supply chain, applauded the United States Department of Commerce’s announcement of a Preliminary Memorandum of Terms for an award under the CHIPS and Science Act to support the expansion of Samsung Electronics’ presence in Texas and the company’s development and production of leading-edge chips.
Ark Electronics Expands Global Manufacturing Factory Network in North America and Europe
04/17/2024 | PRNewswireElectronic Manufacturing Company Ark Electronics recently announced the expansion of its Global Factory Network with the addition of Electronics Manufacturing Service (EMS) capabilities in Mexico and Europe.