Political Quotes

“International trade is an integral part of the Southeast Michigan economy, with nearly $113.3 billion worth of surface trade passing between the United States and Canada at the Detroit-Windsor border every year. I am, however, concerned that other nations' unfair trade practices have significantly hurt American workers. This is why I rise in support H.R. 2378, the ``Currency Reform for Fair Trade Act,'' which will address currency manipulation. Countries such as Japan and China have both manipulated their currencies and hurt American exporters. For example, Japan's currency has been undervalued by up to 25 percent in the past. This means that a car imported from Japan for $20,000 has a hidden subsidy of up to $5,000. According to General Motors' chief economist, Mustafa Mohatarem, ``Japan's policies provided anywhere from a $2,000 to $14,000 cash windfall for each of the 2.2 million vehicles Japan's automakers exported to the U.S. in 2006.'' Even worse, China has undervalued its currency by up 40 percent in the past, which has put American manufacturers at a severe disadvantage.”