Loading prices...

Register/Sign in
ScrapMonster
Sell Your Junk CarGet an instant quote for your car on ScrapMonster.com
Steel News April 13, 2015 02:30:20 AM

AISI disappointed over US Treasury Report on Currency Manipulation

Paul Ploumis
ScrapMonster Author
In a statement issued last night, Thomas J. Gibson, President, American Iron and Steel Institute (AISI) expressed disappointment

AISI disappointed over US Treasury Report on Currency Manipulation

SEATTLE (Scrap Monster): In a statement issued last night, Thomas J. Gibson, President, American Iron and Steel Institute (AISI) expressed disappointment over the failure of US Treasury Report on currency to label China as a currency manipulator.

According to AISI, the semi-annual Treasury Department report has once again fallen short in addressing currency manipulation by China that has severely impacted American manufacturing industry including steel sector during recent times. However, it welcomed the report finding that China is found to greatly undervalue its currency. By not declaring China as a currency manipulator, the country has lost a golden opportunity to address the severe damage caused by undervalued Chinese currency to the country’s manufacturing sector.

The dumped and subsidized imports into the country at unfairly high levels are strictly against WTO obligations, AISI noted. The institute notes that the dumped and subsidized imports into the country have surged to record levels during recent years. The market share of finished steel imports has taken a big leap. The market share jumped to 28% in 2014 when matched with the market share of 23% in 2013.

Meantime, both the House and the Senate had passed the currency legislation in previous Congresses. The legislation calls for trading partners to adhere to WTO obligations and also has provisions to hold them accountable in case of any violation. Also, the bill intends to protect the domestic industry from injuries caused by currency manipulation. It allows U.S. businesses to utilize the existing countervailing duty law to address the unfair trade advantage given to imports that benefit from currency manipulation.

 

×

Quick Search

Advanced Search