AAFA cautions Senate about pitfalls of House Currency Bill

30 Sep '10

2 min read

American Apparel & Footwear Association (AAFA) President and CEO Kevin M. Burke released the following statement after the U.S. House of Representatives voted 348 to 79 to approve the Currency Reform and Fair Trade Act (H.R. 2378).

“It is unfortunate that the House put political expediency above economic stability by voting to approve the Currency Reform and Fair Trade Act.

“As this bill moves to the Senate for consideration, the U.S. apparel and footwear industry will continue to warn about the perils this bill has for American workers and consumers.

“Action on this bill has already primed the United States and China for a widening trade war. The rhetoric associated with Congressional consideration of this legislation threatens American jobs, including jobs in the U.S. apparel and footwear industry, while doing nothing to require China to revalue its currency. Its implementation could put the United States out of compliance with its international trade obligations while subjecting American consumers to higher priced goods.

“The United States should work with the multilateral community to find long term solutions for currency misalignment, including persistent problems relating to China's undervalued currency. Likewise, we should focus our energy on constructively solving other very real problems that exist in our trade relationship, such as intellectual property rights enforcement and expanded market access, which also hinder job creation in the United States. Because China is the fastest growing export market for U.S. manufacturers, U.S. farmers, and U.S. brands, erecting additional trade barriers just stifles our competitiveness in the global market.”

American Apparel & Footwear Association (AAFA)

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