DeLauro Praises Passage of Currency Reform for Fair Trade Act

Washington, DC— Congresswoman Rosa DeLauro (CT-3) released the following statement today praising the passage of the Currency Reform for Fair Trade Act in the House of Representatives.

This bill will give the Administration the tools to fight unfair trade practices that have caused the loss of American manufacturing jobs. As seen with China recently, whose intervention in international markets caused its currency to become significantly undervalued and their exports much cheaper and desirable, this unfair trade practice could jeopardize efforts to create and preserve American manufacturing jobs. China's unfair trade practices' negative impact on the U.S. economy is undeniable, with an estimated 2.4 million American jobs being lost or displaced as a result of our massive trade deficit, including 27,500 in Connecticut.

Part of the Democrats' "Make It In America" initiative to support American manufacturing, promote competitiveness, and create new American jobs, the Currency Reform for Fair Trade Act will enable the Administration to measure foreign subsidies and to impose tariffs to offset the effects of "fundamentally undervalued" currency.

"China's currency manipulation has hurt American exports, caused the loss of American jobs, and significantly increased our already large trade deficit with this country. This legislation would give our government the ability to fight back against these unfair trade tactics, create up to a million domestic manufacturing jobs, and cut our deficit with China by an astonishing $100 billion a year. We must level the international playing field to ensure that American manufacturers can compete and lead the world economy," said Congresswoman DeLauro. "This is a no-brainer, and will help support American businesses, workers, and consumers while creating high-skill, high-wage jobs of the future."