The US Textile Association (NTA) Endorsed The Adoption Of China'S Currency Bill.
The National Textile Association (NTA) strongly endorsed the S.16192011 currency exchange rate Surveillance Act.
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 goods in the United States.
Weave
Fabric; 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, and contribute a lot to exports and sales.
The US National Textile Association (NTA) said China uses illegal subsidies and non tariffs.
Trade
Barriers to steal American textile and garment manufacturing employment opportunities and markets.
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 -2010 2011, 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 111st session of the house of representatives of the United States by 348 votes to 79.
Bipartisan legislation
(HR2378) method.
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.
More American research and development will be encouraged, and new investment in new plants and equipment 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.
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