The American Iron and Steel Institute (AISI) on Friday issued a press release expressing the domestic steel group's disappointment with the Obama Administration's decision Thursday not to name China a "currency manipulator" in a semiannual report issued by the US Treasury Department.
AISI president and CEO Thomas J. Gibson issued the following statement on the matter: "While AISI appreciates some of the steps that the Obama Administration has taken in terms of dealing with China trade issues, we are disappointed that it has decided, once again, not to name China a currency manipulator in the Treasury Department's semiannual report. We believe that the facts call for a different finding, given the massive damage that China's severely undervalued currency has done to US manufacturing companies, their employees and their communities."
Gibson went on to express AISI's conviction that US Congress should urgently pass, and that the Obama Administration should support, a trade law remedy to address China's currency manipulation and its detrimental effect on the US trade deficit.