Us NTA Agrees To Adopt China's Currency Bill

National Textile Association of America ( NTA Strongly agree with S.16192011 Currency exchange rate supervision law 。 This legislation conducive to work, growth and investment is of vital importance to the struggling economic recovery of the United States. Therefore, the US NTA urged members to vote for the one or two party measures, support and finally pass legislation.

The National Textile Association is the oldest fabric company in the United States. Members of the association produce knitted and woven fabrics in the United States; supply fibers, yarns, and other materials or services for the American textile industry. The textile industry in the United States is an advanced and innovative industry in the world. American high-tech textiles protect American soldiers, firefighters, policemen, and other uniformed personnel. The member companies of the association successfully participate in global competition for exports and Sale The contribution rate is quite large.

The US National Textile Association (NTA) said China uses illegal subsidies and non subsidies. Tariff barriers In order to steal employment opportunities and markets in the textile and garment manufacturing industry of the United States. China has openly intervened to keep the yuan (RMB) undervalued by 25% to 40% compared with the US dollar, which is a tactic of China, causing special damage. Currency manipulation and other unfair trade practices have made China more competitive than the United States in the competitive environment, resulting in the loss of 654000 jobs in the US textile and garment industry since 2001.

China's currency led export subsidies weakened the growth of textile and clothing exports in the United States. From 1991 to 2000, exports of textiles and clothing in the United States doubled, from $10 billion in 1991 to $21 billion in 2000. However, in 2001 and 2010, the export figures for textile and clothing were only 19 billion US dollars and 19 billion 700 million US dollars respectively. During the period 2011 to 2010, the total export growth was only 757 million dollars. On the contrary, in the 2001-2010 years, China's exports to the United States increased by 32 billion US dollars, an increase of 6 times, and exports to the world exceeded US $100 billion.

Because China manipulates money and other measures, the United States has lost many jobs, so S.1619 is a measure against China. It conforms to the rules of the World Trade Organization (WTO) and therefore has no grounds for retaliation. The bill is clearly charged by the Ministry of Commerce to investigate cases of alleged undervaluation of the exchange rate and prohibit every export subsidy event. It is similar to the method of bipartisan legislation (HR2378) adopted by the 111st house of representatives of the United States Congress by 348 votes to 79.

The positive impact of S.1619 on the textile industry in the United States will be enormous. US exports will go up and create more jobs. It will encourage more research and development in the United States and new developments in new factories and equipment. Investment Will grow. Finally, it will stimulate the US economy without generating any new public debt or budgetary expenditure.

The US National Textile Association (NTA) said that the administration has been using China for nearly 10 years to avoid violating its WTO commitments and not letting the renminbi float. But regrettably, the results of these efforts are frustrating. The US Congress should have intervened long ago. Through S.1619, China can stop cheating and help American companies and workers.