Currency Manipulation Hits Home as Local Politicians Take Stance on China
Our Wheatland Tube facility recently had OH –U.S. Sen. Sherrod Brown (D-OH) and Rep. Tim Ryan (OH-17) visit in Warren to highlight steel jobs created and saved through trade enforcement. Wheatland Tube is nearing completion of a $14 million renovation to its Warren plant that resulted in the hiring of 30 workers. It was an honor having politicians acknowledge the jobs we created by taking a stance and supporting China Currency legislation.
“If we level the playing field, if China quits cheating on currency, if we force China to quit cheating on currency, we know it will mean thousands more jobs in the Valley and the state and hundreds of thousands of jobs in this country,” Brown said.
China’s currency manipulation contributes to the outsourcing of American jobs and poses a serious problem that requires action. We support the Currency Exchange Rate Oversight Reform Act, which would punish China when it cheats trade laws by manipulating its currency, and could create 2 million American jobs at no cost to taxpayers.
“The manufacturing industry in the Mahoning Valley and across Ohio is bouncing back, but challenges remain—and that’s why we can’t turn a blind eye to trade partners that cheat. Our workers and business can compete with anyone when we enforce trade law, and that includes addressing China’s currency manipulation.” Brown said.
The steel industry is one Ohio business that has benefited from pushing the administration to enforce trade laws. Fairly traded imports are a vital part of our economic fabric, but manufactures need to compete on a level playing field. These trade laws exist for a reason, and without enforcement, our country’s manufacturing base does not stand a chance to survive. When industry and the government get tough on trade and enforce existing laws, our workers and businesses win.
“The bottom line is when tariffs go on when the Chinese are cheating, you get jobs here at Wheatland Tube,” Ryan said.
Tweetable Quotes and Facts about China’s Currency Manipulation:
- According to a report by @EconomicPolicy, the trade deficit with China cost Ohio 95,500 jobs between 2001 and 2011.
- US lost more than 2.7 million jobs as a result of the U.S.-China trade deficit, of which 2.1 million (more than 75%) were in #mfg.
- “We can be the most competitive steel and manufacturing producers in the world,” said David McCall, district director @steelworkers
- @EconomicPolicy report shows that addressing Chinese currency manipulation could support the creation of 2.25 million US jobs.
- China’s currency policy drags U.S. economic growth and job creation and reduces our GDP by 1.4 percentage points annually.
- “US needs more #mfg jobs to put people back to work, but our out-of-control trade deficit with China makes that improssible” @ScottPaulAAM
- Voter poll: 83% unfavorable view of companies who outsource to China. 97% have favorable view of US #mfg goods.http://bit.ly/P8quNu
- “There is no one who can compete with American manufacturing if everything is equal,” said David McCall, district director @steelworkers
- “We know that when our manufacturing sector is thriving, our economy is strong.” @SenSherrodBrown
- The inability to enforce US trade laws has contributed to the loss of more than 5 million #mfg jobs and 50,000 #mfg facilities since 2000
- “Reducing trade deficit & stopping China’s unfair trade practices will grow jobs & put the US on a more sound fiscal footing” @ScottPaulAAM
- Currency manipulation contributed to the increase in the US bilateral trade deficit with China, which now tops $295B/year – @KeepItMadeInUSA