House Ways and Means ranking member Sander Levin, D-Mich., asked House Republicans to consider taking up his bill targeting Chinese currency manipulation in an op-ed for The Hill on Tuesday.
“Currency manipulation is one of the most egregious tools China is using to give its exporters an upper hand,” Levin wrote. He said that China’s undervalued currency “costs at least 1 million American jobs.”
Yet “Republican leaders have offered no plans to bring up the Currency Reform for Fair Trade Act that I reintroduced this year together with Democratic Rep. Tim Ryan of Ohio and Republican Rep. Tim Murphy of Pennsylvania,” Levin wrote.
He noted that “a virtually identical bill passed the House a year ago," and the Senate is debating similar legislation this week. Like the Senate bill, Levin’s measure would allow the United States to use import duties to counteract China’s undervalued currency.
“Overall, the measure could help reduce our trade deficit by $200 billion,” Levin wrote.
Levin dismissed concerns that such bills would spark a trade war with China, calling those worries a “specter… often used against action.” Chinese officials issued statements on Tuesday warning Washington that the currency manipulation bill under consideration in the Senate could, indeed, spark a trade war.