Industry/Worker Alliance Against China Aims to Save American Jobs
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Chinese Flag - Stiff tariff proposed on Chinese goods is a real possibility.
For the past decade Americans have been arguing about how to deal with the new world order, the new global economy.
Divisions are deep and philosophical fractures are sharp.
What will bring together polarized industry and worker groups, Democrats and Republicans, liberals and conservatives? Joe Six Pack and Marvin Moneybags.
The answer: money and jobs. When everybody's pocketbook is taking a hit from foreign competition, Americans join hands.
Vibes from Capitol Hill are that a stiff tariff proposed on Chinese goods is a real possibility.
Congress has long complained that the value of the Chinese yuan has been set lower against the dollar that it should be, resulting in artificially cheaper pricesof Chinese exports.
More Republicans than Democrats are joining as sponsors of tariff legislation.
The China Currency Coalition, a U.S. industry/worker alliance based in Washington, D.C., Thursday launched its most vigorous assault against Chinese currency manipulation.
American jobs and quality of life are at stake, Coalition spokesmen said at an eye-opening National Press Club news conference.
One major problem with tariffs or other restrictions on free tradeis they sometimes lead to retaliatory acts by other countries. And a reduction in exports, economic depression, perhaps even war.
This nation should examine the activities of corporations in the Chinese economy. Are they profiting as conspirators in unfair Chinese competition that is undermining the U.S. economy?
Coalition leaders estimate 60 percent of Chinese imports come through American firms, the old "middlemen." They indicate that U.S. firms are a part of the Chinese Currency Dragon conspiracy.
Effects of international monetary policy are felt as strongly here in Bay City, Michigan, and the Saginaw Valley, as anywhere in the nation.
Economists have pointed to the global economy as the main culprit in job losses and business weakness here.
The problem is that China undervalues its money by about 40 percent. The Currency Dragon allows China to conquer world markets for goods it produces.
So far the dragon is winning. The trade deficit,(the amount that Chinese goods sold to us exceeds the amount we sell to them), has risen about 27 percent over last year.
Coalition leaders say China lowers its currency value by piling up U.S. Treasury bills. It buys U.S. money with cash it gets when Casey Cowboy and Joe Six Pack buy Chinese goods.
That creates a disadvantage for American firms while rewarding companies that outsource jobs from the U.S.
China illegally subsidizes exports to the U.S., says the Coalition. At the same time, imports from the U.S. are surtaxed. The double-edged sword cuts both ways as it whacks the jobs of Casey and Joe. And the guts out of corporations not in on deals with China.
China stonewalls the main solution: equalizing itscurrency with other countries. The Bush Administration has been slow to admit the problem, say Coalition spokesmen. Treasury Secretary John Snow's quiet negotiations have yielded ineffectual results.
Some U.S. multi-national corporations are seen by the Coalition as greedy, profiteering villains, unconcerned about U.S. jobs or the health of the national economy.
The multi-nationals are said to be partners with the Chinese in the fleecing of America. Do political contributions keep things quiet? Good question.
Americans may be realizing that the enemy is not the opposing political philosophy, or party. And that survival depends on cooperation.
The Chinese Currency Act of 2005, introduced by Rep. Timothy Ryan (D-Ohio) and Duncan Hunter (R-California) would classify currency manipulation as a prohibited export subsidy.
Then, another question: Would World Trade Organization sanctions that may result from passage of the Ryan-Hunter bill have any effect onChinese policies?
Meanwhile, the Bush Administration is poised to unveil a list of financial actions it suggests for the Chinese. The list will include allowing foreign financial institutions more access to Chinese markets. Some observers say this kind of talk will cause trouble.
If recent history is any judge, nothing will budge the Chinese. One Chinese general has already threatened the U.S. with nuclear war if we get in their way over Taiwan.
When the dragon roars, what will we do?###
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