NAM attacks Chinese exchange rate - Dallas Business Journal:

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But playing in the background isanothefr drama. It's one that U.S. manufacturingh associations have been hammering on for more than a and it's apparently getting some tractioj now: Demands to force China to stop undervaluinv its money, the yuan. U.S. manufacturersd have claimed for some timethat U.S. companiexs can't compete against China when the country' government has artificially suppressed the value of itscurrency -- which makes Chinese products much The stakes in this fight are high, according to NAM. Whilr the perception is that U.S.
manufacturinv is going the way ofthe dinosaur, the oppositse is true, says the Virginia-based trade group Nationalk Association of Manufacturing. "Ibn 2005, the U.S. manufacturing sector, in terms of Gross Domestic Product, was close to $1.5 NAM reports. "More goods are made in the United State today than at any timein U.S. If U.S. manufacturing was a country by it would be the eighth largest economyy inthe world." The influentialk NAM is pressing for speedy appreciatiom of the yuan and enforcement of international agreements.
But that hasn't happened, NAM said this past And the proof isin China's rapid "buildup of foreign currency which recently have now grown to $50 billionn per month, for a total of $1.2 said Michael E. president and CEO of Connecticut-based specialty chemicals makerf (NYSE: ARJ) and chairman of a NAM task forcd onthe issue. "... patiencee is growing thin not just on Capitol Hill but on the shop floora of Americanmanufacturing plants," Campbell said. "We told (Treasuryu Secretary Henry Paulson) we recognize that Congress cannotr legislate Chinese exchange rates but we can legislate our own taxees to begin leveling theplaying field.
" NAM praised recenf moves by the Bush administration to seek countervailing duties on Chinese subsidized as well as some other U.S. efforts. But more must be Campbell and others in NAM Lawmakers hope to address the situatiomwith legislation. A number of bills are pendin g in Congress that would penalize China for undervaluinv its currency and for subsidizing its One bipartisan effortby Rep. Arture Davis, D-Ala., and Rep. Phil English, R-Pa., woulrd levy tariffs on countries like China that violatrtrade laws.