AISI Commends Congressmen Michaud and Ryan For Letter Urging Geithner and Locke to Take Decisive Action Against China's Currency Manipulation

130 Members Sign onto Letter Calling for Comprehensive Government Effort

WASHINGTON, D.C., 3/15/2010 - The president and CEO of the American Iron and Steel Institute (AISI) thanked Congressmen Mike Michaud (D-ME) and Tim Ryan (D-OH) for their leadership on a jointly authored letter signed by 130 Members of Congress calling on U.S. Treasury Secretary Timothy Geithner and U.S. Commerce Secretary Gary Locke to take decisive action to address China’s currency manipulation, which continues to cause severe harm to the American economy.

“AISI and its members thank Congressmen Mike Michaud and Tim Ryan for their leadership in sending a strong message to the Administration that inaction in the face of China’s continued significant undervaluing of its currency, is not acceptable,” AISI President and CEO Thomas J. Gibson, said.  “It’s essential, if we are going to achieve the President’s goal of doubling exports that we address this particularly damaging aspect of China’s unfair trade practices.  It is long past the time for our government to declare China a currency manipulator given the damage that China’s severely undervalued currency has done to American manufacturers, their employees and their communities.”

“The economic impact of the RMB undervaluation on American businesses and workers is too great for the Administration not to pursue a comprehensive effort.” the Michaud-Ryan letter states, laying out a specific plan of action that includes: 1) applying a U.S. countervailing duty law in defense of American companies that have suffered as a result of the currency manipulation; 2) identifying China as a currency manipulator in its bi-annual agency report; and 3) applying international pressure by conducting intense diplomatic efforts, not only with China, but also with the International Monetary Fund (IMF) and with other countries. 
“Addressing China’s manipulation of its currency must be a critical part of our strategy to   rebuild our economy and establish safeguards against future financial crises.  The Administration has the legal ability and resources to protect American businesses in the face of China’s RMB devaluation, and we urge you to exercise this authority expeditiously, “the letter stated.

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Nancy Gravatt
Vice President, Communications
American Iron and Steel Institute
Tel: 202.452.7115