Leading manufacturing organizations seek U.S. government action.
The National Council of Textile Organizations (NCTO) joined with the American Automotive Policy Council (AAPC) and the American Iron and Steel Institute (AISI) to seek U.S. government action to stop currency manipulation.
NCTO called upon lawmakers to adopt meaningful legislation to stop predatory currency practices, and upon the Executive Branch to include strong and enforceable currency manipulation disciplines in all future trade agreements.
Export-oriented countries such as China and Vietnam have been shown to purposefully devalue their currency in order to promote their exports and block imports into their markets. This practice places the U.S. manufacturing base at a considerable disadvantage when it comes to international trade. The three organizations highlighted how unfair currency policies hurt U.S. job creation and economic growth at an event held Aug. 13 in Cleveland, Ohio.
According to a 2014 study by the Economic Policy Institute, ending unfair currency policies can create as many as 2.3 million new manufacturing jobs in the United States by leveling the playing field in global markets.