NEWS Release
U.S. Rep. Sue Myrick
Representing North Carolina’s Ninth District
| FOR IMMEDIATE RELEASE November 7, 2003 |
Contact: Andy Polk (202) 225-1976 |
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Myrick Speaks with Government Officials About China’s Unfair Trade Practices |
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| (Washington, D.C.) – U.S. Rep. Sue Myrick (NC-9) today sent letters to Alan Greenspan, Chairman of the Federal Reserve, and Josette Sheeran Shiner, a deputy US Trade Representative, in regards to China’s unfair trade practices. Myrick also met Wednesday with Treasury Secretary John Snow to express her displeasure over his comments about China’s currency manipulation.
"I am using every tool at my disposal to help manufacture’s and textiles. I have submitted a bill in the House to raise tariffs on China if they continue to manipulate their currency. I have met with Cabinet Secretaries, and have written letters to government officials, regarding China’s unfair trade practices. The Bush Administration knows we have a problem, and I am going to keep reminding them of it every chance I get." Representative Myrick’s letter to Chairman Greenspan, which was signed by 18 other Members of Congress, expressed her displeasure with a report issued by the Federal Reserve Bank of Chicago, which stated that trade with China has benefited many Americans because their real income has increased. Myrick expressed that the report did not take into account the number of jobs America has lost as a result of China’s unfair trade practices. The letter issued to Trade Representative Shiner was sent to encourage her to take a hard stance on China’s currency manipulation when she visits the country this month. 19 Members of Congress signed the letter to Trade Representative Shiner. In addition to sending letters to government officials, on Wednesday, Representative Myrick met with Secretary Snow regarding his statements on China’s currency manipulation from the previous week. Secretary Snow stated that China’s currency manipulation did not meet the technical requirement to impose economic sanctions on them. In the meeting, Myrick stated how displeased she was with his statements, and conveyed to him that this situation was costing American jobs. Sue Myrick has been a strong advocate of forcing China to float their currency on the open market. It is estimated that China has devalued its currency somewhere between 15 to 40 percent, or an average of 27.5 percent. Myrick has filed a bill in the House to impose tariffs of 27.5 % on Chinese goods coming into the US if the Chinese Government continues to manipulate its currency. ### |
