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Chinese currency manipulation undercuts Ohio jobs, Sen. Brown says

In a visit to local plant, state and area leaders talk about saving jobs.

Sen. Sherrod Brown speaks to an audience at Harco Industries Wednesday. With Ohio companies being undercut by 25-40 percent on price by Chinese competitors, U.S. Sen. Sherrod Brown visited Harco Manufacturing today to call on the House of Representatives to pass legislation to allow the U.S. to stand up for American manufacturers when China cheats by manipulating its currency.

Jim Witmer Sen. Sherrod Brown speaks to an audience at Harco Industries Wednesday. With Ohio companies being undercut by 25-40 percent on price by Chinese competitors, U.S. Sen. Sherrod Brown visited Harco Manufacturing today to call on the House of Representatives to pass legislation to allow the U.S. to stand up for American manufacturers when China cheats by manipulating its currency.

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By Steve Bennish, Staff Writer Updated 8:26 AM Thursday, January 12, 2012

MORAINE — During a visit to HARCO hydraulic brake manufacturing plant Wednesday, Sen. Sherrod Brown, D-Ohio, said Chinese currency manipulation undercuts Ohio products by an estimated 25 to 40 percent, killing manufacturing jobs.

Brown called on the House of Representatives to pass legislation that would allow penalties on currency manipulating nations to combat the loss of jobs. Brown was joined by HARCO General Manager Rick Garver, Dayton city Commissioner Nan Whaley, and Montgomery County Commissioners Judy Dodge and Deb orah Lieberman.

Dodge called manipulation “increasingly harmful for our own manufacturing companies.”

Garver said HARCO on Kettering Boulevard in Moraine now employs 110, down from nearly 500 in 2007. The company’s products are hammered by market rigging in other nations, Garver said. “The playing field needs to be leveled. Our elected officials need to address trade and tax policies. It’s a bipartisan issue,” Garver said.

Brown cited an Economic Policy Institute and the Alliance for American Manufacturing report that said the trade deficit with China cost the U.S. more than 2.8 million jobs since 2001, including more than 1.9 million manufacturing jobs. EPI said ending Chinese currency manipulation could create 2.25 million American jobs.

Brown, a Democrat, is author of the Currency Exchange Rate Oversight Reform Act of 2011 that cleared the Senate in a bipartisan 63-35 vote with support from Ohio Sen. Rob Portman, a Republican.

Although a bill similar to Brown’s in the House has 230 co-sponsors, Speaker John Boehner, R-West Chester Twp., has refused to allow a vote because he believes it could provoke a trade war.

Boehner office spokeswoman Brittany Bramell said Wednesday, “Ohioans deserve a level playing field when it comes to trade with China, but Congressman Boehner has serious concerns about the approach in this bill and the negative effects that it would have on Ohio’s economy.”

“Passing legislation that could seriously damage the United States’ important trade relationship with China would threaten Ohio jobs as well as future economic growth. Congressman Boehner believes the Obama administration needs to continue to work with the Chinese to get the valuation of their currency correct,” Bramell

The Wall Street Journal reported President Obama plans to create a task force to monitor China for trade violations as part of a larger White House effort. It will include officials from the Treasury Department, the Commerce Department, the Energy Department and the U.S. Trade Representative’s office.

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