U.S. Representative Rick Larsen (WA-02) issued the following statement after the House of Representatives voted on an amended version of H.R. 2378, The Currency Reform for Fair Trade Act. The bill would establish a less restrictive process for the Department of Commerce to determine if foreign countries are subsidizing their exports by manipulating currency and, if so, impose trade sanctions on these countries.
“I recognize that there are parts of the country that have been hit hard by trade, and some think that China’s currency has played a role in jobs leaving the U.S.
“I understand that frustration. I want keep U.S. jobs in the U.S. I want to support our manufacturing base and see the label ‘Made in America’ again.
“In my district alone there are over 1,000 manufacturers employing over 54,600 workers on average per day. Most are smaller manufacturing companies.
“‘Made in America’ means helping small and medium sized manufacturers access the tools they need to create jobs and grow.
“Congress should be talking about the real issues that impact U.S. jobs going overseas. We should address the protections needed for intellectual property rights (IPR) of American companies doing business in China. We should oppose China’s efforts to create national champions that unfairly compete with U.S. companies that are exporting into the Chinese market. We should help clean energy and aerospace manufacturing firms in Northwest Washington and across the country help ship their products – not their jobs – overseas.
“These are the issues that matter and are direct ties to job creation for American companies.
“China is the largest and most rapidly growing export market for Washington state and one in three jobs in Washington state is tied to trade. We need to continue to negotiate with China on those matters that create jobs for American companies.
“A better approach to tackling China’s overvalued currency would be increasing our bilateral and multilateral pressure on the Chinese, and not imposing unilateral tariffs.
“Using today’s legislation as a blunt tool may end up working against our trade interests.
