Pennsylvania Senator proposes “Steelworkers Bill of Rights”

Friday, 02 April 2010 01:53:06 (GMT+2)

"America's continuing loss of manufacturing jobs threatens the welfare and preeminence of this nation," said Specter.  "Nowhere is this threat greater than to the steel industry.  

"For many years now, American steel workers have had to compete in a world that preaches free trade but very often practices illegal trade.  The American Association of Manufacturing along with U.S. Steel and the United Steelworkers reported last week that since 2001 the United States has lost 2.4 million jobs to Chinese trade practices. Almost 100,000 of those jobs were in Pennsylvania, which ranked sixth among states in jobs lost.

"The Yuan is currently undervalued by 40 percent, giving China a virtually unchallengeable advantage in exports. Unless the Yuan is allowed to appreciate, the U.S. trade deficit and job losses will continue to mount. Recent reports offer hope that Chinese leaders, responding to growing U.S. pressure, may be ready to let the Yuan rise.

"If China refuses to cooperate, the Treasury Department should declare China a currency manipulator, a step that would embolden world opinion against China and ease the way to imposing retaliatory trade barriers against Chinese goods. I am cosponsor of a bipartisan bill that would require the Treasury and Commerce Departments to take a stronger stand against countries that manipulate their currency and impose stiff penalties against those who don't reform.  If being branded a currency manipulator won't bring China to reason, we should consider a surcharge on imports until Beijing revalues the Yuan."

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