Leo Gerard, international president of the United Steelworkers (USW), is calling a bipartisan letter sent to the Obama administration and signed by 130 members of Congress, a “timely and overdue action” in urging immediate steps to the “growing problems associated with China’s continued currency manipulation.”

In posting the letter on the USW Web site, Gerard said, “The congressional letter is a timely rebuke to China’s growing trade imbalance with the U.S. and the harm it is unfairly doing to American workers and industry. Our nation’s trade imbalance is unsustainable and it factually demonstrates China is operating as a protectionist country. Currency is probably the single most critical barrier to exports by the U.S., but it’s hardly the only one.”

Gerard called on both Treasury Secretary Geithner and Commerce Secretary Locke to take the steps requested by the letter to cite China as a currency manipulator as required by U.S. trade law.

On release of the letter, Congressman Michaud of Maine said, “China’s currency manipulation essentially subsidizes Chinese exports and imposes tariffs on foreign imports.

This presents an insurmountable trade barrier to U.S. manufacturers.

If the administration fails to act on this issue it will hold back our economic recovery and hurt the ability of American small businesses and manufacturers to increase their production, keep their doors open, and create jobs.”

Congressman Ryan of Ohio added, “China continues to flout international trade laws by manipulating its currency value to increase its trade advantages.

This is completely unacceptable. All that our people are asking for is a level playing field.”

Posted 3/17/2010