Representing North Carolina’s Ninth District                                                                        

MYRICK AND SPRATT RE-INTRODUCE BILL TO STOP CHINESE CURRENCY MANIPULATION

(Washington, D.C.) – Today, U.S. Representative Sue Myrick (NC-9) and Representative John Spratt (SC-5), re-introduced a bill that would levy tariffs of 27.5 percent on goods from China if the Chinese government does not allow its currency to float on the open market.  For several years now, China has maintained a devalued currency in order to gain a greater trade advantage.   

“We have told China to stop manipulating their currency, and all they do is thumb their nose at us.  I will not sit by and watch America lose jobs while the Chinese government breaks trade agreements they signed.  This bill will teach China a hard lesson: if you want to trade with us you will play by the rules,” said Myrick.

“The Carolinas have lost the highest percentage of manufacturing jobs in the nation.  If we do not level the playing field for our manufacturing firms when it comes to trade, we are going to lose the sector and some of the best jobs in our economy, plus the ability to make goods. I am pleased to join Sue Myrick in re-introducing this bill,” said Spratt.

It is estimated that China’s currency is undervalued between 15 to or 40 percent, or an average of 27.5 percent.  This manipulation makes China’s exports to America cheaper and America’s imports to China more expensive.  The result of China’s currency manipulation has been an increased trade deficit, and more importantly millions of jobs. 

This bill mirrors the Senate version introduced by Charles Schumer and Lindsey Graham.  Recently, the Senate overwhelmingly voted 67-33 to consider the Schumer -Graham bill as an amendment to the Foreign Affairs Authorization Act.  Myrick and Spratt first introduced this bill in the 108th Congress.

Myrick and Spratt added, “American workers are the best in the world, and they just need a level playing field to prove it.”

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