Levin Statement on President’s Lack of a Currency Policy

Apr 13, 2017 Issues: Trade

WASHINGTON, D.C. – U.S. Rep. Sander Levin (D-MI) today released the following statement in response to President Trump’s comments that his Administration would not name China a currency manipulator:

“Trump’s brand of economic nationalism has led him to make wild promises that he can’t keep. Instead of excusing away China’s currency policies with declarations that he alone has strengthened the dollar, he should be using the April Treasury report to lay out a coherent policy on currency manipulation. The report should make it clear that China’s previous manipulation of its currency cost millions of U.S. jobs. At the same time, the Trump Administration should support legislation to change U.S. trade remedy laws, like some of us in Congress have pushed for many years, so U.S. jobs are protected, and make it clear that all future trade agreements must include enforceable provisions on currency manipulation.

“Our nation lives in a globalized economy. The challenge is to shape that global economy so that it is based on sound economic practices and not manipulation of currencies or other unfair trade practices that tilt the playing field against U.S. businesses and cost U.S. jobs.

“It appears the President is continuing his practice of identifying problems with fiery rhetoric and doing nothing to craft effective policy solutions. Currency policy is a major missed opportunity by the President since many in Congress have been calling for these solutions for many years.

“Finally, trade policy is not done at the State Department any longer for a reason. We need effective international foreign affairs policies and effective international economic policies and we should not be playing them off one another.”