Chinese currency manipulation undercuts Ohio jobs, Sen. Brown says

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Chinese currency manipulation undercuts Ohio jobs, Sen. Brown says

Dayton Daily News – During a visit to HARCO hydraulic brake manufacturing plant Wednesday, Sen. Sherrod Brown, D-Ohio, said Chinese currency manipulation undercuts Ohio products by an estimated 25 to 40 percent, killing manufacturing jobs.

Brown called on the House of Representatives to pass legislation that would allow penalties on currency manipulating nations to combat the loss of jobs. Brown was joined by HARCO General Manager Rick Garver, Dayton city Commissioner Nan Whaley, and Montgomery County Commissioners Judy Dodge and Deb orah Lieberman.

Dodge called manipulation “increasingly harmful for our own manufacturing companies.”

Garver said HARCO on Kettering Boulevard in Moraine now employs 110, down from nearly 500 in 2007. The company’s products are hammered by market rigging in other nations, Garver said. “The playing field needs to be leveled. Our elected officials need to address trade and tax policies. It’s a bipartisan issue,” Garver said.

Brown cited an Economic Policy Institute and the Alliance for American Manufacturing report that said the trade deficit with China cost the U.S. more than 2.8 million jobs since 2001, including more than 1.9 million manufacturing jobs. EPI said ending Chinese currency manipulation could create 2.25 million American jobs.

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