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October 4, 2011

Schumer says unfair trade deals give China advantage

JOE LoTEMPLIO Press-Republican

PLATTSBURGH — U.S. Sen. Charles Schumer says New York has lost more than 160,000 jobs since 2001 due to unfair trade practices by China.

A news release issued by Schumer (D-Brooklyn) says the New York City area alone has lost about 111,638 jobs due to Chinese trade practices and currency manipulation, according to a report from the Economic Policy Institute.

"China has used their currency to rig the game against New York manufacturers, killing jobs here and across the country," Schumer said.

"Enough is enough. It's time that we level the playing field and give New York businesses a chance to compete, fair and square."

Schumer has introduced legislation with colleagues on both sides of the aisle that would increase pressure on China and apply serious consequences, including imposing more duties on imports, if China fails to properly value its currency.

"This strong bipartisan legislation is a clear, unwavering message from both parties to China's leaders that the jig is up. It's time to stop gaming the system or face severe consequences," Schumer said.

"China's history of half-truths and broken promises on currency makes passing this legislation an economic imperative. I hope both parties will come together to pass this bill this week."

The bill received 79 votes, easily surpassing the 60 needed to move it to the Senate floor, though may face significant pressure before becoming a law.

Schumer's release says that, in the past few years, Chinese companies have bid on and won projects in New York state, then used workers who were being paid only a few dollars an hour, and sometimes even less, for the same projects local companies were bidding on.

By doing this, their bids came in much lower compared to other American companies, the release said.

By doing the right thing and paying workers a decent wage, New York manufacturers are losing out to Chinese companies on huge projects, Schumer said, saying China's practices were "undermining the economic health of American manufacturers and their ability to compete at home and around the globe."

Email Joe LoTemplio at:

jlotemplio@pressrepublican.com

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