June 23, 2006 – The Bush administration announced today they are creating a new office to focus strictly on trade issues with China. The decision comes on the heals of repeated criticism from the public and members of Congress regarding the administration’s unwillingness to take meaningful steps to halt China’s unfair trade practices.
By undervaluing their currency by up to 40 percent over the last decade, China has cost the U.S. thousands of manufacturing jobs. The artificially low yuan also led to the U.S.’s record $202 trade deficit with China last year.
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