Sen. Chuck Grassley of Iowa today made the following comment on China’s latest devaluation of its currency. Grassley has long supported action to address China’s long-standing currency manipulation, as the manipulation harms the ability of U.S. farmers and manufacturers to reach the Chinese market.
“China has manipulated its currency for a long time. This is just the latest example, and it’s past the time to do something about it. Administrations under both Democrat and Republican presidents have been too timid about taking action, and China has taken advantage in the meantime. The Obama Administration ought to consider everything at its disposal to address China’s currency manipulation. If executive branch solutions aren’t the answer, the Administration ought to explain why not and help Congress with legislation. For example, there are provisions in the Customs bill that’s being negotiated that would give the United States new tools to use against trading partners that manipulate currencies. Currency policy also is an outstanding issue in the Trans-Pacific Partnership negotiations, according to the Administration. The United States needs enforceable currency provisions in trade agreements, and we need to take action to address currency manipulation by the world’s second-largest economy.”