The United Steelworkers (USW) issued a statement from International President Leo W. Gerard regarding statements made by President Trump in an interview with the Wall Street Journal.
In the interview, President Trump said that his administration will not name China as a currency manipulator in the report scheduled to be released by the Treasury Department this week. During the 2016 campaign, then-candidate Trump indicated that he would label China as a currency manipulator on “day one.”
“President Trump’s statement that his Administration will not label China as a currency manipulator raises serious questions about which campaign promises he intends to keep,” Gerard said. “Countless times during the campaign, he said that he would label China as a currency manipulator on ‘day one.’ Day one passed without any action and now almost 100 days into his Administration, when Treasury issues its legally required report on currency manipulation, it appears that China will get another pass.”
Gerard said it appears Trump is placating China to get them to help with the threat of North Korea in return for ignoring China's “economic attacks” on the United States. “Time and time again, workers across this country have seen their economic interests traded away for foreign policy goals,” Gerard said. “As a candidate, Donald Trump criticized this approach, but now he seems to be following the same path that led to millions of lost jobs and trillions of dollars in trade deficits.”
Gerard noted that overcapacity in steel, aluminum, tires and other critical sectors demand quick and resolute action. “During last week's meeting between Presidents Trump and Xi, we were told that there would be a 100-day plan to address trade problems with China,” Gerard said. “That must be a clear and comprehensive plan to dramatically alter the terms of trade.”
Gerard concluded his statement by saying Trump’s announcement on currency calls into question how far the Administration intends to go in forging a new approach on trade. “Voters expect the President to keep his promises,” Gerard said.