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Sessions Comments On China’s Reaction To Currency Bill, Urges President To Speak Out

Sessions Comments On China’s Reaction To Currency Bill, Urges President To Speak Out

“Officials in China are watching closely to see whether we will be cowed or whether we will press our legitimate case… We have heard from China’s leaders—now it’s time for our leaders to speak up for our workers. I call on President Obama to forcefully state his position and defend America’s interests”

WASHINGTON—U.S. Sen. Jeff Sessions (R-AL) issued the following statement today regarding the response from Chinese authorities to yesterday’s 79-19 Senate to proceed on the Currency Exchange Rate Oversight Reform Act of 2011:

“Yesterday, the Senate voted on a broad bipartisan basis to move forward on legislation to confront China’s economic aggression and currency manipulation. In response, China has warned America to back down and asserted that the measure ‘seriously upsets Sino-U.S. trade and economic relations.’ We have heard these threats from China before. Officials in China are watching closely to see whether we will be cowed or whether we will press our legitimate case.

China relentlessly pursues its own economic interests at the expense of our own. They have a mercantilist policy that is driven by nationalism—not sound trade theory. They seek advantage, pure and simple. Every time we move towards reform they bombastically respond, and America relents.

The result: millions of needlessly lost jobs. Trade, like democracy itself, must rest upon a set of principles. It is time for America to defend its own interests and to protect the principles that make trade work—principles upon which our trading partners across the world have agreed. China has gained advantage for too long; now is the time for us to defend our legitimate trade interests and our jobs.

No nation in the world misaligns its currency to the extent that China does. This misalignment hurts our economy and cannot continue. We have heard from China’s leaders—now it’s time for our leaders to speak up for our workers. I call on President Obama to forcefully state his position and defend America’s interests.”


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