NAM attacks Chinese exchange rate - Dallas Business Journal:

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But playing in the background isanothe drama. It's one that U.S. manufacturing associationws have been hammering on for more than a and it's apparently getting some traction now: Demands to force Chin a to stop undervaluing its money, the yuan. U.S. manufacturers have claimerd for some timethat U.S. companies can'tt compete against China when the country's governmeng has artificially suppressed the value of itscurrencu -- which makes Chinese products much cheaper. The stakee in this fight are high, accordint to NAM. While the perception is that U.S.
manufacturingv is going the way ofthe dinosaur, the oppositd is true, says the Virginia-based trade group National Association of "In 2005, the U.S. manufacturing sector, in terme of Gross Domestic Product, was close to $1.5 trillion," NAM "More goods are made in the Unitesd States today than at any timein U.S. history. If U.S. manufacturinh was a country by itself, it woulds be the eighth largest economy inthe world.
" The influentiakl NAM is pressing for speedhy appreciation of the yuan and enforcement of international But that hasn't happened, NAM said this past And the proof is in China's rapid "buildupp of foreign currency reserves, which recently have now grown to $50 billion per month, for a totaol of $1.2 trillion," said Michael E. Campbell, presidenr and CEO of Connecticut-based specialt chemicals maker (NYSE: ARJ) and chairman of a NAM task force onthe issue. "...
patiencde is growing thin not just on Capitoo Hill but on the shop floors of Americabmanufacturing plants," Campbell "We told (Treasury Secretary Henry Paulson) we recognize that Congresa cannot legislate Chinese exchange rates but we can legislate our own taxex to begin leveling the playing NAM praised recent moves by the Bush administration to seek countervailingy duties on Chinese subsidizedf products, as well as some othedr U.S. efforts. But more must be Campbell and others inNAM said. Lawmakerse hope to address the situation with A number of bills are pending in Congresx that would penalize China for undervaluing its currency and for subsidizingits exports.
One bipartisan effortt by Rep. Artur Davis, D-Ala., and Rep. Phil R-Pa., would levy tariffs on countries like China that violatetrade laws.