"Enough is Enough"
Posted by jeckert on 09/29/2010
"We need to tell China enough is enough," AISI President and CEO Thomas J. Gibson said in a blog post this morning. He explained that the Currency Reform for Fair Trade Act (H.R. 2378), which the House is likely to pass today, is "a crucial first step in addressing China's severely undervalued currency, which many prominent economists believe is undervalued by as much as 40 percent."
Gibson also wrote:
"While some note China’s currency manipulation is just one of many trade problems the U.S. has with China, China’s currency undervaluation is the single largest government subsidy to manufacturers in China. It is and it was a major cause of the global structural imbalances that contributed significantly to the world financial meltdown and to the Great Recession of 2008-2009, which is why Congress must act."Read more.
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