Manufacturers Disappointed as U.S. Treasury Department Once Again Fails to Cite China as Currency Manipulator
Thursday, November 29, 2012
Washington, DC—November 29, 2012—The Precision Metalforming Association (PMA) and the National Tooling & Machining Association (NTMA) today expressed disappointment at the failure of the U.S. Treasury Department to cite China as an illegal currency manipulator. In the latest “Report to Congress on International Economic and Exchange Rate Policies,” the Treasury Department states that Chinese currency (RMB) “remains significantly undervalued, and that further appreciation of the RMB against the dollar and other major currencies is warranted,” but declines to name China as a currency manipulator.
"Currency manipulation hurts small, middle-market U.S. manufacturers and their employees," said NTMA President Dave Tilstone. "It makes it significantly more challenging for our members to successfully compete against products from China and in the global marketplace. We will continue to press the Obama Administration to take action on this important issue. The government should not continue to give China a pass on an issue that is so critical to the success of manufacturers in the U.S."
"We are disappointed that the Obama Administration refused to name China a currency manipulator," said PMA President William E. Gaskin. "Given the tough tone on China that we saw from both parties during this past election, we had hoped to see tougher action by the Administration on this issue. Such a declaration by Treasury would have offered tangible, robust support to U.S. manufacturers.”
About One Voice: The National Tooling and Machining Association (NTMA)’s and the Precision Metalforming Association (PMA)’s combined “One Voice” federal government advocacy program represents nearly 3,000 metalworking companies and is designed to promote U.S. government policies that will ensure a strong manufacturing sector in the United States. For additional information, please visit http://www.metalworkingadvocate.org/.