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Actions of Ways & Means Committee on China Currency falls short in eyes of AAFA

25
Sep '10
American Apparel & Footwear Association (AAFA) President and CEO Kevin M. Burke released the following statement after the House Ways and Means Committee voted to approve the Currency Reform and Fair Trade Act (H.R. 2378).

“We regret the actions of the House Ways and Means Committee on this critical issue. In this time of economic challenge for American families and American companies, the bottom line is that this bill would not create any jobs here in the United States and does nothing to force China to revalue its currency.

“If this bill moves forward, the only thing it will accomplish is to ignite a trade war between the United States and China at the cost of American jobs, including jobs in the U.S. apparel and footwear industry. As the fastest growing export market for U.S. manufacturers, U.S. farmers and U.S. brands, a trade war with China will prevent us from achieving the laudable goals of the National Export Initiative, and might even send us in the opposite direction.

“Focusing on currency does little to resolve the very real problems with China that would help create U.S. jobs. These issues include intellectually property rights enforcement and further market access for U.S.-made and U.S.-branded products in the Chinese market.

“We hope the House leadership and the full U.S House of Representatives will take these facts into account before moving forward on this ineffective and shortsighted piece of legislation.”

American Apparel & Footwear Association (AAFA)


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