In its latest semi-annual report to Congress, the U.S. Treasury Department has again declined to cite China for currency manipulation.  This despite worldwide calls, led by the EU and Japan, for China to revalue it currency, the Yuan.

In response, AAM Executive Director Scott Paul offered the following statement regarding Treasury Secretary Paulson’s decision yesterday:

“This is a deeply disappointing decision, one that indicates the Treasury Department has no intention of insisting that China honor its commitments to the global rules of finance and trade.  The yuan remains about forty percent undervalued.  As a result, America racks up an enormous bilateral trade deficit with China, and our manufacturers and workers suffer.  We aren’t asking for special protection.  We’re merely asking our own government to enforce the rules of trade and finance and ensure that we have a fair opportunity to compete in the global marketplace.  China’s government continues to cheat, and we continue to pay the price.” 

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This entry was posted on Friday, May 16th, 2008 at 7:01 pm and is filed under Holding China Accountable, Enforcing Trade Laws. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.