With our economy in a deep recession, we cannot rely solely on service-based industries and the financial sector to grow our way back to full employment. We need to be able to produce and sell a product. Key to that goal is shoring up our manufacturing base and ensuring that they have the ability to conduct business in a balanced and fair world marketplace. For years, that marketplace has worked against them as cheap foreign goods have put many of our country's factories and manufacturers out of business, while at the same time eliminating hundreds of thousands of good-paying middle class jobs. Republican and Democrat administrations have both allowed this to happen.
There is no greater evidence of that than in news earlier this week that the United States will cede the position as the world's top manufacturing economy - a position we have held for over 100 years - to China in the coming years.
Over the past year, I've tried to keep you up to speed on legislation I've been working on in Congress (HR 2378) that seeks to end the unfair trade practices engaged in by countries like China. China has artificially kept their currency low, which illegally subsidizes their exports and allows them to dump cheap goods into our markets - under-cutting American manufacturers.
Last weekend, in response to growing criticism from around the world, the Chinese government announced that it will permit greater flexibility and ultimately allow its currency's value to appreciate. To some, this came as welcome news ahead of this weekend's G-20 summit in Toronto.
I believe it is too little, too late, and we cannot continue to rely on China's empty promises to fix this - especially when American jobs are at stake. The New York Times expressed similar skepticism yesterday. It's time for the US government to step up and exert pressure.
The cost of inaction is too great to ignore: more job losses and a fading middle class.
Yesterday, I joined
with Congressman Tim Ryan of Ohio
to call on the Commerce Department to
recognize undervalued currencies as an
illegal trade subsidy that could be rectified with countervailing duties or
tariffs to protect American businesses. This action would finally level the
playing field.
Congressman Tim Murphy holds a press conference on China trade policies in Washington, DC on Wednesday.
The rally was a success - earning national press attention from the New York Times, Reuters, Bloomberg and others, and drawing increased and much needed attention to this important issue for workers, employers, and our overall economy particularly in southwestern Pennsylvania. You can also watch part of our press conference here.
We were proud to have the support of the American Iron and Steel Institute which joined our efforts yesterday on behalf of steel workers and manufacturers who know full-well the impact of China's unfair trade practices.
With over 120 co-sponsors already in the House of Representatives for our legislation, we must continue to turn up the pressure on the Administration and Congressional leaders to get the bill to an up-or-down vote, so we can start holding China accountable.
I hope you'll join me by spreading the word about HR 2378 on Facebook, Twitter and other social media, or writing letters to the editor of your local paper or contacting talk radio. Thanks in advance!
Sincerely,
Tim Murphy
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