As most every US manufacturer knows, for the past decade or so, China has pegged its currency to the US dollar, not allowing it to float to the market rate. As a result, Chinese goods sold in the US are artificially cheaper, by some estimates as much as 30% or more. At the NAM we have been leading the charge to get China to re-value its currency. But we can’t do it alone, we need the help of manufacturers to make it happen.
The US Department of the Treasury reports to Congress every six months on whether any foreign countries are manipulating their currencies in a way that affects US trade. Thus far, they have not put China on that list, despite repeated urgings from us. If they cite China, it will send a loud and clear message to the PRC that it’s time for action. This year, for the first time, Treasury is seeking input from manufacturers themselves on this issue. The deadline for comments is April 7.
We have made it easy for you to weigh in. There are two options:
— By clicking on this link, you can access a ready-made message that you can tailor to your own circumstances and send to the Treasury Department.
— You can click on this link and e-mail Treasury directly. The subject line of your e-mail should say, “Attn: Request for Public Comments on the Report to Congress on International and Exchange Rate Policies.” Please copy us at firstname.lastname@example.org.
Please take a moment to take action on this very important issue.
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