NAM Meets with U.S. Officials On China Currency
Dec 6, 2006
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The National Association of Manufacturers’ U.S.-China Business Relations Task Force, comprised of a dozen NAM board members representing large and small manufacturers, met this week with U.S. Treasury Secretary Henry Paulson, Commerce Secretary Carlos Gutierrez and U.S. Trade Representative Susan Schwab.
“We had candid conversations about our views on China, the undervalued yuan and how to press the Chinese to accelerate its appreciation and move towards a market-determined currency,” said NAM President John Engler. "We also discussed strategic approaches to our trade relations with China that would result in mutual benefits for both the U.S. and China.”
Mike Campbell, president and CEO of Arch Chemicals and chairman of the task force, said the meeting presented a timely opportunity for NAM to communicate the views of U.S. manufacturers before the governments of the U.S. and China meet next week for the first Strategic Economic Dialogue.
“The talks today were open and frank, allowing for a wide-ranging discussion of key issues such as subsidies, intellectual property, export promotion and most importantly, currency," Campbell said.
Progress Needed – and Soon
“Our board-level task force delivered a clear message: we need to see progress from China on these issues and we need to see it soon,” Engler said. “Absent that progress, the threat of protectionism will grow and it could damage both economies. In all three meetings we also urged the Administration to assist in providing remedies for individual companies that have been adversely impacted by China’s currency and trade policy as soon as possible."
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