China’s Currency Costing U.S. Jobs
September 14, 2005
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September 14, 2005 – Trade data released by the U.S. government reinforces the fact that China’s undervalued currency continues to hurt the U.S. manufacturing sector and cost the U.S. valuable jobs, the China Currency Coalition asserted Tuesday.
The Department of Commerce has reported that the U.S. trade deficit with China hit $17.7 billion in July. Meanwhile, the Department of Labor reported 14,000 more manufacturing jobs were lost in August – pushing the yearly total to 90,000.
“These numbers clearly demonstrate that the annual bilateral trade deficit continues on its trajectory of reaching almost $210 billion in 2005, nearly a 30 percent increase over the previous high of $162 billion in 2004,” said spokesperson David A. Hartquist in a press release. “The ever-increasing deficit with China will continue to hurt manufacturing until China stops subsidizing its currency.”
Read the entire press release.
