Friday, May 20, 2005
Manufacturers Lobby Congress Against China's Currency
May 19 (Bloomberg) -- A group of 50 U.S. manufacturers is lobbying Congress this week for legislation that sets duties on Chinese imports to compensate American companies for any subsidy that exporters in China realize from their nation's currency peg.
The U.S. Treasury in report two days ago said China must stop pegging its currency to the dollar or risk being accused of manipulating exchange rates. The manufacturers, all members of the Precision Metalforming Association, said the report fell short of the outright declaration of malfeasance they were they were looking for and spurred them to go to Congress for action.
``The administration is looking out for the interests of these large multinational companies, but they aren't looking out for our interests,'' said Jim Zawacki, chairman of GR Spring & Stamping Inc. in Grand Rapids, Michigan. ``We're losing our manufacturing base in the United States.''
The U.S. Treasury in report two days ago said China must stop pegging its currency to the dollar or risk being accused of manipulating exchange rates. The manufacturers, all members of the Precision Metalforming Association, said the report fell short of the outright declaration of malfeasance they were they were looking for and spurred them to go to Congress for action.
``The administration is looking out for the interests of these large multinational companies, but they aren't looking out for our interests,'' said Jim Zawacki, chairman of GR Spring & Stamping Inc. in Grand Rapids, Michigan. ``We're losing our manufacturing base in the United States.''
