Brown Urges Currency Bill to Close Gap
Youngstown Business Journal – U.S. Sherrod Brown is renewing his call for passage of the Currency Reform for Fair Trade Act of 2011, following the release of new numbers showing a widening trade gap with China.
The U.S. trade deficit increased to its highest level in more than two and a half years, the trade gap with China widening 15.6% to $24.96 billion in May, Brown’s office reported.
The legislation would give the Obama Administration additional tools to address China’s currency manipulation. It directs the U.S. Department of Commerce to treat currency undervaluation as a prohibited export subsidy, and would ensure the government is equipped to respond on behalf of American workers and manufacturers by imposing countervailing duties on subsidized exports from countries like China.
