Congressman Tim Ryan Issues Statement in Response to Chinese Currency Devaluation
Congressman Tim Ryan issued the following statement in response to the devaluation of the Chinese yuan:
The action taken yesterday by the Chinese government to devalue their currency makes it even more difficult for American manufacturing and will cost American workers good paying jobs. China has a long history of unfairly undermining American manufacturing, and this action will help them dump their products in the world market.
I have actively joined colleagues from both parties in urging the United States to take immediate action against the Chinese currency manipulators. I have led the battle to make the Department of Commerce impose countervailing duties to offset the impact of currency manipulation on U.S. industry. I have proposed that unfair currency manipulation be considered a cause of action in the World Trade Organization.
President Obama must hold China accountable. I strongly urge that when he meets next month with Chinese President Xi Jinping that the issue of currency manipulation be at the top of his list of issues for discussion. We must send a strong message to China that they cannot manipulate their currencies at the expense of the American economy. I will continue this fight and do everything I can to keep American manufacturing the backbone of our nation.