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Currency Manipulation - History Shows That Sanctions Are Needed - By: Robert E. Scott EPI Policy Memorandum #164

"Growing U.S. trade deficits with China due, in part, to the Chinese government's manipulation of its currency caused 2.4 million U.S. jobs to be lost or displaced in manufacturing and other trade-related industries between 2001 and 2008 alone, and 100 million workers experienced lower wages due to competition with imports from low-wage countries. Ending China's currency manipulation could help create at least 1 million U.S. jobs in the next few years, but Treasury Secretary Timothy Geithner delayed a semiannual report on currency manipulation, scheduled for release on April 15, in which the Treasury would have been forced to name China as a manipulator. There may have been sound reasons for delaying the report, but there is no reason why Secretary Geithner needs to wait another day to simply identify China as well as Hong Kong, Malaysia, Singapore, and Taiwan as currency manipulators and then to immediately begin formal negotiations with those countries. President Obama went one step further at the recent nu
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