The bipartisan bill to end China’s unfair trade practice of currency manipulation passed in the Senate tonight by a vote of 63 to 35, with 15 Republicans joining Democrats to support it.
The legislation, called the Currency Exchange Rate Oversight Act, provides tools to impose consequences on countries that manipulate their currency and consequently, cost us jobs.
Our nation simply can’t afford to have American jobs shipped overseas because some countries impose unfair trade practices. By making its goods artificially less expensive than they really are, countries manipulating their currency gain an unfair advantage in the global marketplace.
China’s currency manipulation, for example, has already cost three million American jobs — two million of which came from our manufacturing sector.
The bill that passed tonight could create 1.6 million American jobs.
As Nevada Senator Harry Reid put it: “American businesses don’t need special advantages to compete. They just need an even playing field.”
Currency manipulation not only costs jobs, it can lead to unsustainable trade deficits. Our trade deficit with China has jumped from $10 billion in 1990 to $273 billion today.
We hope this common-sense, bipartisan bill will pass in the House. It’s time to put an end to this unfair trade practice, and put Americans back to work.