Retailers Support Hatch Amendment on China Currency
Arlington, VA – The Retail Industry Leaders Association (RILA) offered their support today for an amendment proposed by Ranking Member Senator Orrin Hatch (R-Utah) that is a more responsible and effective alternative to the Schumer-Brown Currency Bill (S. 1619).
Senator Hatch's amendment to S. 1619 would strip the unilateral provisions to impose duties on imports from China, and instead would seek to clarify and strengthen multilateral institutions and processes to more effectively address currency valuation. RILA Vice President of International Trade Stephanie Lester issued the following statement.
“We agree that China needs to move more rapidly toward a market-oriented exchange rate. At the same time, there are more pressing issues in the U.S.-China trading relationship that should be considered. The amendment offered by Senator Hatch is a constructive alternative, and is one element in the effort to address this broader range of economic and trade issues with China,” said RILA Vice President of International Trade Stephanie Lester. “The unilateral approach of S. 1619 is the wrong strategy. The mechanisms it proposes would be ineffective in achieving the stated goal and would create a range of adverse consequences for American business, jobs, and the economy.
“Senator Hatch’s proposal to use multilateral negotiations and plurilateral agreements on currency– an approach that has seen progress on other issues with China – makes sense if we truly want to see currency valuation addressed constructively and effectively."
Senator Hatch's amendment to S. 1619 would strip the unilateral provisions to impose duties on imports from China, and instead would seek to clarify and strengthen multilateral institutions and processes to more effectively address currency valuation. RILA Vice President of International Trade Stephanie Lester issued the following statement.
“We agree that China needs to move more rapidly toward a market-oriented exchange rate. At the same time, there are more pressing issues in the U.S.-China trading relationship that should be considered. The amendment offered by Senator Hatch is a constructive alternative, and is one element in the effort to address this broader range of economic and trade issues with China,” said RILA Vice President of International Trade Stephanie Lester. “The unilateral approach of S. 1619 is the wrong strategy. The mechanisms it proposes would be ineffective in achieving the stated goal and would create a range of adverse consequences for American business, jobs, and the economy.
“Senator Hatch’s proposal to use multilateral negotiations and plurilateral agreements on currency– an approach that has seen progress on other issues with China – makes sense if we truly want to see currency valuation addressed constructively and effectively."
RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.
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