NEWS Release
U.S. Rep. Sue Myrick
Representing North Carolina’s Ninth District
| FOR IMMEDIATE RELEASE October 21, 2003 |
Contact: Andy Polk (202) 225-1976 |
| Myrick Introduces Bill to Stop Chinese Currency Manipulation | ||
| (Washington, D.C.) – Today, U.S. Representative Sue Myrick (NC-9), along with Representative John Spratt (SC-5), 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. Currently, China has devalued its currency to gain a greater trade advantage.
"China is devaluing their currency and it’s costing American jobs. I will not sit by and watch the Chinese government break the agreements they signed. Either they play by the rules, or we will force them to play by the rules," said Myrick. "If our economy is going to recover, we must do all we can to protect our manufacturing sector and its jobs. I am pleased to join Rep. Myrick in 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 2.6 million jobs. This bill will direct the Secretary of the Treasury to raise tariffs on Chinese imports to 27.5 percent after a 180 day grace period. Myrick and Spratt added, "American workers are the best in the world, and they just need a level playing field to prove it." ### |
