USCBC Statement on Introduced Congressional Currency Legislation
WASHINGTON - February 10, 2015 - US-China Business Council (USCBC) President John Frisbie issued the following statement regarding newly introduced Congressional legislation that would impose countervailing duties on goods from countries that are deemed to manipulate their currency:
“The US-China Business Council has for many years advocated that China’s exchange rate should better reflect market influences from trade flows. Over the past ten years, we have seen how continued engagement from two administrations – Democrat and Republican – has led to China’s currency appreciating more than 35 percent against the US dollar. This bipartisan approach has succeeded beyond even the 27.5% appreciation/tariff demanded in the original currency bills introduced by members of Congress in 2005.
“The Bush and Obama administration’s successful multilateral and bilateral approach should be supported and continued, not undermined with counterproductive tariff legislation that taxes the American consumer. USCBC encourages members of Congress to once again reject this currency legislation.”