Vol. 2  No. 5         July-August   2007

Marketing Contacts

Opinion

Culture

Machine Tools

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Debate on Currency Manipulation Picks up Steam on Capitol Hill
Contact Your U.S. Lawmakers Today!

HOUSE: The House Ways and Means Committee is gearing up to act on trade legislation - in particular currency manipulation. Hearings will likely be held during the week of July 30 with markup possibly in the fall.

NTMA supports legislation - formerly the Fair Currency Act of 2007 (H.R. 782) - now the newly revised Currency Reform for Fair Trade Act of 2007 (H.R. 2942) - which would make currency manipulation by China and other countries a subsidy. Both bills were introduced by Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA). In addition, the Ryan-Hunter bill states that countervailing duty trade cases targeting government subsidies can be brought against nonmarket economies (such as China), defines currency misalignme nt and states how to measure the degree of undervaluation.

Groups on the other side of the currency issue include the US Chamber of Commerce and the US-China Business Council, with Archer Daniels Midland, Boeing, Johnson and Johnson and Wal-Mart among its members. These groups are vigorously lobbying against currency legislation. They argue that this type of bill would be counter-productive, violate World Trade Organization (WTO) rules and lead to retaliation against US exports.

SENATE: The Senate Finance Committee Chairman Max Baucus (D-Montana) may schedule a markup this week on the Currency Exchange Rate Oversight Reform Act of 2007 (S. 1607). Although the bill establishes a priority designation based on evidence of fundamental misalignment, it does not contain the majority of currency provisions found in the Ryan-Hunter/Stabenow-Bunning bills. We need to urge lawmakers to modify S. 1607 to allow industry to petition for countervailing duties to offset currency manipulation.

This is t he best opportunity we have had for strong trade legislation in many years, and it is imperative that NTMA members make their voices heard.

ACTION: It is vitally important that NTMA members e-mail Members of Congress urging them to contact the Ways and Means Committee in the House and members of the Finance Committee in the Senate to act on strong trade legislation this year which includes the Ryan-Hunter/Stabenow-Bunning provisions.

NTMA Members should visit the association's Legislative Action Center to send an e-mail message to your lawmakers in the House and Senate. A sample letter is posted - feel free to personalize.

Please see:  NTMA.ORG

CHINESE CURRENCY MANIPULATION AND THE NEW DEMOCRATIC CONGRESS

by Dave Frengel

Efforts to get the Ryan-Hunter Chinese Currency Act of 2005 through  the US House of Representatives ended in
December with the end of the 109th Congress. The bill would have defined currency manipulation by our trading partners to be an illegal export subsidy and would also have enabled domestic manufacturers to seek remedy under US trade law for injury suffered as a result.

Experts agree that Chinese currency manipulation gives the Chinese an unfair price advantage of at least 40% against goods made in the USA. Our friends in Washington, DC who spearheaded efforts to pass Ryan-Hunter as prospects for getting an even better piece of currency legislation through the new 110th Congress are much better in light of the recent elections.

The Ryan-Hunter bill had 178 cosponsors evenly divided among Republicans and Democrats, but the Republican Chairman of the House Ways and Means Committee kept the legislation from going to the floor for a vote.

Now that the Democrats control the House, Rep. Charles Rangel (D-NY) is the new Chair of House Ways and Means. Even prior to the elections, our friends began talking with his office and other key leaders of both parties in both the House and Senate about introducing an improved currency bill in the 110th Congress. The prospects are very promising. A new bill will likely include several significant improvements over the former one, will have strong bipartisan support in both the Hous e and Senate, and should quickly exceed the number of cosponsorships that the Ryan- Hunter bill had. Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA), who coauthored HR1498 may or may not be amon the authors of the new legislation.

Nevertheless they deserve our great debt of gratitude for advancing this issue in the US Congress. Please continue to communicate with every US Congressman and Senator you know and let them know how important it is to you that Congress soon passes legislation that effectively addresses the problem of Chinese currency manipulation. We will provide more details when the new legislation is introduced.

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