Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Six Associations Urge NAFTA to Address China Currency Reform
Jun 9, 2010
 Printable format
 Email this Article
 Search

The American Iron and Steel Institute (AISI) and five other North American steel industry trade associations sent a letter to the U.S., Canadian, and Mexican Trade and Finance Ministers urging “strong and coordinated” efforts during the G-20 Summit and beyond to achieve “a large and sustained appreciation” of China’s currency (the RMB).

The letter emphasizes that, without a meaningful change in Chinese currency policy, it will not be possible to eliminate the structural imbalances that contributed to the global economic crisis or to achieve NAFTA goals for economic recovery, job creation, and significantly increasing exports, especially of manufactured goods.

“The Chinese government’s ongoing massive interventions to keep the RMB pegged to the U.S. dollar result in a seriously undervalued exchange rate,” the letter explained. “It has caused the loss of millions of good manufacturing jobs in North American over the past decade, and is now a major impediment to economic recovery and industrial employment in the NAFTA region."

The letter also noted that “the RMB is the most seriously undervalued major currency in the world…giving Chinese manufacturers a 40% artificial competitive advantage."

Other steel trade associations joining AISI in issuing the letter are:
• Canadian Steel Producers Association (CSPA)
• Committee on Pipe and Tube Imports (CPTI)
• Mexican Steel Producers Association (Canacero)
• Specialty Steel Industry of North America (SSINA)
• Steel Manufacturers Association (SMA)

The letter was sent to:
• U.S. Trade Representative Ronald Kirk
• U.S. Treasury Secretary Timothy Geithner
• Canadian International Trade Minister Peter van Loan, P.C., M.P.
• Canadian Minister of Finance Jim Flaherty, P.S., M.P.
• Mexico’s Trade Minister Act. Ernesto Cordero Arroyo

Back to Daily News

 

Daily News

...........................................................

Aug 29, 2014: Adaptive Frequency Drive Increases Trane Chiller Efficiency

Aug 29, 2014: Vitamix President Receives Entrepreneur of the Year Award

Aug 28, 2014: LG Heat Pump Clothes Dryer Earns Emerging Technology Award

Aug 28, 2014: Early Snowthrower Demand Boosts Toro Sales

Aug 27, 2014: Sustainability Standard Launched for Household Portable and Floor Care Appliances

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows