Schumer and Rep. Levin Blast Administration for Delaying Release of Report on China Currency Manipulation

SCHUMER AND REP. LEVIN BLAST ADMINISTRATION FOR DELAYING RELEASE OF REPORT ON CHINA CURRENCY MANIPULATION

US Senator Charles E. Schumer (NY) and Rep. Sander Levin (MI) today took the Administration to task for failing in its statutory obligation to defend American workers, farmers, and businesses against China's unfair currency manipulation.

By statute, the Department of Treasury is required to issue an annual report on October 15 covering international economic and exchange rate policies, including whether countries are manipulating their currencies to gain an unfair advantage in international trade. The Treasury Department failed to issue the report today. In each of the reports issued over the last three years, the Treasury Department has failed to find that China is manipulating its currency, despite rhetoric by the President and the Treasury Secretary about China's currency practices.

"It boggles the mind that the Administration would delay this report-but given their wet noodle approach to this issue, it doesn't surprise me," Schumer said. "This is just the latest example of the Administration telling China that its practice of manipulating the global economic system at the expense of US jobs is acceptable."

Rep. Levin stated, "By failing to issue the required annual report on currency manipulation within the statutory timeframe, the Administration sent another signal to China that there is a lack of urgency over China's currency manipulation. It is inexcusable that the Administration would send this signal the day after the Census released trade deficit data indicating that the U.S. will have a massive record trade deficit with China this year - over $150 billion - including a new monthly record set in August."