December 7, 2005 – Congressman Tim Ryan (D-Ohio) recently conducted an interview with Manufacturing and Technology News in which he spoke candidly about why his bill addressing China’s currency manipulation isn’t progressing through the House.
“There are a lot of multinational corporations that are making a lot of money in China and they are sending their goods back here for Americans to buy. They don’t want it to happen. They like it the way it is because they are making a lot of money. They also donate a lot of money to Congress,” Ryan told the Manufacturing and Technology News.
Ryan also pointed to the position of weakness the President and Republican-controlled Congress has put the United States in by running up a record trade deficit.
“These guys are putting are country in a position of weakness so that we can’t go to the Chinese government and tell them to stop manipulating their currency or we’re going to enact tariffs. They say, ‘Where are you going to get the money to fund your $400 billion deficit?’,” Ryan continued.
Ryan is the lead sponsor of the “Chinese Currency Act”, which seeks to address China’s manipulation and undervaluation of its currency by clarifying that such manipulation is an illegal export subsidy.
