The American Manufacturing Trade Action Coalition (AMTAC) will participate in a press conference hosted by U.S. Representatives Tim Ryan (D-OH) and Duncan Hunter (R-CA) where they will press for passage of their anti-currency manipulation legislation, H.R. 2942, the Ryan-Hunter Currency Reform for Fair Trade Act of 2007.

Consistent with the World Trade Organization’s provisions, H.R. 2942 would discourage currency manipulation by China and other countries by giving U.S. producers and workers the right to seek a remedy for injurious export subsidies or dumping under the U.S. countervailing duty (CVD) or antidumping law.

The press conference will be held on the same day as the U.S. Commerce Department is scheduled to release its year-end trade figures for 2007. The U.S. trade deficit with China in 2007 is expected to be a record $260 billion, and more than 50 percent of the expected $500 billion U.S. trade deficit in manufactured goods in 2007 will be with China.

Moreover, the cumulative U.S. trade deficit with China in manufactured goods has ballooned to $1.1 trillion since that country joined the World Trade Organization (WTO) in December 2001. These deficits are a key factor why the United States has lost more than 3.4 million manufacturing jobs since 2001.

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