The National Council of Textile Organizations (NCTO) joined with the American Automotive Policy Council (AAPC) and the American Iron and Steel Institute (AISI) to seek U.S. government action to end currency manipulation.
NCTO called on lawmakers last week to adopt legislation that would stop predatory currency practices, and asked the Executive Branch to stipulate “strong and enforceable” currency manipulation disciplines in all future trade agreements.
According to an NCTO statement, export-oriented countries like China and Vietnam have been shown to intentionally devalue their currency in an effort to promote their own exports and block imports into their markets, putting the U.S. manufacturing base at a “considerable disadvantage” with regard to international trade.
The three organizations discussed how the unfair currency policies stymie American job creation and economic growth at an event at the City Club in Cleveland, Ohio last week. The U.S. textile and apparel industries employ roughly 500,000 workers domestically.
A 2014 study by the Economic Policy Institute, found that ending unfair currency policies could create as many as 2.3 million new manufacturing jobs in the United States by leveling the playing field in global markets, NCTO reported.
NCTO president Augustine Tantillo, said, “Currency manipulation distorts the global marketplace and puts American workers at a disadvantage. NCTO calls upon congressional leaders to support legislative initiatives that create tangible remedies for U.S. manufacturers that have been damaged by unfair currency practices.”