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Report: Ending currency manipulation could create 5.8 million U.S. jobs

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WASHINGTON (Feb. 27, 2014) — The U.S. government could create up to 5.8 million jobs for its citizens if it took strong measures to end currency manipulation by China and other nations, according to a new report by the Economic Policy Institute (EPI).

The EPI and the Alliance for American Manufacturing (AAM) introduced the report, "Stop Currency Manipulation and Create Millions of Jobs," in a Feb. 26 teleconference.

Participating in the teleconference were Robert E. Scott, the report's author; AAM President Scott Paul; Sen. Sherrod Brown, D-Ohio; and Rep. Sander Levin, D-Mich.

Sen. Brown and Rep. Levin are the sponsors of bipartisan bills that would make provisions forbidding currency manipulation mandatory in any trade agreements with foreign countries.

Currency manipulation is the main cause of the nation's annual $703 billion trade deficit in manufactured goods, Mr. Scott said in the report.

Ending currency manipulation would reduce the federal deficit by as much as $266 billion in 2015, he said, and create jobs in every state and the District of Columbia.

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TB Reader Poll

Previous | Published January 28, 2016

Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?

I wholeheartedly support their action – something needs to be done.
46%
(36 votes)
I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.
13%
(10 votes)
I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.
24%
(19 votes)
I’m kind of on the fence and not sure what’s right, but need more information before deciding.
14%
(11 votes)
I don’t really care whether or not relief is granted.
3%
(2 votes)
Total votes: 78