Statement by AFL-CIO President Richard Trumka on New EPI Study: Stop Currency Manipulation and Create Millions of Jobs

 

February 26, 2014

 

Creating good jobs here at home is a top priority for working families.  But a little known practice is undermining that effort – that practice is foreign currency manipulation.  Today’s study by the Economic Policy Institute (EPI) sheds light on how ending currency manipulation will improve our trade balance, create jobs, and strengthen our economy. 

 

U.S. workers can compete with anyone in the world, but they cannot compete successfully on a lopsided playing field.  Currency manipulation allows countries like China to devalue their currency, which artificially makes Chinese goods less expensive and American products more expensive.  This is a major contributing factor in our lopsided trade relationship with China. Meanwhile, U.S. manufacturing companies and workers bear the brunt of these unfair policies.

 

The good news is that there is strong bipartisan support for policies like H.R.1267 and S.1114, which would give the U.S. government the tools it needs to end currency manipulation and to hold countries that manipulate their currencies accountable. As this new EPI study shows, every single state and the District of Columbia will gain jobs by ending currency manipulation, without costing taxpayers a dime. We call on Congress to fight on the side of American workers and domestic manufacturers and farmers to put an end to currency manipulation now.

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