Political Quotes

“this Chamber considered trade measures this week for the first time in about 4 years. First, and most important, the bipartisan currency measure passed by an overwhelming majority, 63 to 35. This action on China's currency is long overdue. This is legislation of which I was the prime sponsor. We had major cosponsors in both political parties: Lindsey Graham of South Carolina, a Republican; Chuck Schumer of New York, a Democrat; Debbie Stabenow from Michigan, a Democrat; Jeff Sessions from Alabama, a Republican; Susan Collins, a Republican from Maine; Kay Hagan, a Democrat from North Carolina; Bob Casey, Democrat from Pennsylvania. This was a strong bipartisan bill. My junior Senator, Rob Portman from Ohio, former Trade Representative under President Bush, supported the legislation. Basically it works this way. We know the kinds of job losses in places such as Duluth, MN or Toledo, OH, because China cheats. Pure and simple, they cheat. They depreciate or overappreciate their currency, making a weaker renminbi. That is the name of their currency term. When a company in Dayton, OH, or Youngstown, OH, sells a product into the Chinese market that the people of Xian or Wuan might consider buying, this company is faced with a 25- to 30- to 35-percent currency tax, currency tariff, making the product more expensive, making it much harder for the U.S. company to sell the product to China.…”