Disappointment Abounds as U.S. Treasury Department Fails to Cite China as Currency Manipulator
5. December 2012
I was disappointed to learn of this tough ruling on one of the most important issues our industry faces. Both the Precision Metalforming Association (PMA) and the National Tooling & Machining Association (NTMA) have expressed disappointment at the failure of the U.S. Treasury Department to cite China as an illegal currency manipulator. According to the Treasury Department, 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," says 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," adds 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.”