Senate bill says China's yuan is hurting U.S. jobs
A stack of 100 Yuan notes
Steve Chiotakis: And to Congressional leaders, they're crying foul about the cards stacked against American workers when it comes to China. So Senate leaders are pushing a bill that would
punish China for undervaluing its currency, which they say costs a lot American jobs.
From Washington, Marketplace's John Dimsdale reports.
John Dimsdale: The bill would declare China a currency manipulator, triggering retaliatory tariffs on Chinese imports unless China allows the yuan to rise against the dollar.
Scott Paul heads the Alliance for American Manufacturing. He says a more expensive Chinese currency equals more American jobs.
Scott Paul: If we were able to revalue the yuan, it would make our exports substantially more competitive, not only in China but also globally.
But would the U.S. grab the export markets China would lose? John Frisbie with the U.S.-China Business Council says if China weren't making cheap stuff for the world, some other country would.
John Frisbie: Instead of buying it from China, we'd be buying them from Vietnam or Mexico or Korea. That's why this legislation probably will have little impact on the employment situation in the United States.
Still, with job creation now Washington's number one priority, there's new bipartisan support for punishing China as a currency manipulator.
In Washington, I'm John Dimsdale for Marketplace.