Currency Reform for Fair Trade Act
The Currency Reform for Fair Trade Act (H.R. 2378) will create a more level playing field for American exports on the international market by holding China accountable for the manipulation of its currency. This act gives our nation the tools it needs to enforce the rules of trade and address China’s currency manipulation.
China has a long history of suppressing the value of its currency to make its exports cheaper than they would be if China allowed its currency to be set by the market. That currency manipulation puts a drag on the U.S. economy and reduces our GDP by 1.4 percentage points annually. By forcing China to compete on an even playing field in the U.S market, we are making our manufacturers more competitive. Economists estimate that revaluation of China’s currency would create 500,000 manufacturing jobs here in the United States.