Smith Opposes China Currency Bill Which Threatens Ag Trade

Press Release

WASHINGTON, DC- Congressman Adrian Smith (R-NE) today voted against H.R. 2378, a bill which - if enacted - could have serious repercussions on Nebraska's agriculture exports to China. Smith previously testified before the House Ways and Means Committee examining China's exchange rate policy, its effect on the U.S. economic recovery, and possible outcomes of congressional action on the issue.

"China must move toward a market-based exchange rate. We can achieve this goal without Congress taking action which could lead to retaliations against our ag exporters," Smith said.

U.S. agricultural exports to China continue to grow and are one of the few areas in which the U.S. maintains a large trade surplus. The value of U.S. food and agricultural exports to China more than doubled from $6.8 billion in 2003 to $15.9 billion in 2009. Every dollar in agricultural exports generates $1.65 in further economic activity, with Nebraska's $4 billion in agricultural exports translating into $6.7 in additional economic activity.

"Nebraska and our producers win when agriculture products reach foreign markets. We must continue to strengthen their position in the global market place," Smith said.

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