Fight Against China's Currency Manipulation

U.S. Newswire

U.S. Senator Olympia J. Snowe (R-Maine), chair of the Senate Committee on Small Business and Entrepreneurship said: "Small business owners in Maine and across our nation are fighting to remain competitive with countries such as China that often disregard international laws established to ensure fair trade. Unfortunately, unfair trade practices are exacerbated by illegal currency manipulation, which keeps Chinese goods at artificially low prices, distorting the marketplace and threatening the ability for American goods to be sold at a competitive price. Now is the time for Congress to act to put a stop to China's currency manipulation -- without a response, American jobs will continue to be in jeopardy."

[Laurel here ... Rather than focus on how many American jobs are lost to exports, I am inclined to agree with C.K. Prahalad, Harvey C. Fruehauf professor of Corporate Strategy at the Ross School of Business at the University of Michigan who stated so eloquently in his June 8, 2005 Opinion piece in The Wall Street Journal: "We are not exporting jobs, but importing competitiveness."]

To read the brief U.S. Newswire release, visit Snowe Continues Fight Against China's Currency Manipulation.