Ohio Farmers Union

Serving Family Farmers and Consumers Since 1934



United to Grow Family Agriculture Since 1934

  • About
    • The Farmers Union Triangle
    • Vision
    • OFU Leadership
  • Issues
    • 2020 Virtual Lobby Days
    • OFU Policy & NFU Policy
    • 2019 Lobby Day Registration
    • Get Involved!
    • NFU Climate Leaders
  • Education
    • 2019 OFU Essay Contest
    • Ohio Farmers Union Scholarships
    • Farm Safety
    • Renewable Energy Curriculum
  • Insurance
    • Hastings Mutual Insurance Co.
    • Health & Other Offerings
    • Ohio BWC Group Coverage
  • Join Us
    • Online Sign-Up
    • Member Benefits
    • Insurance
  • Blog
  • Events

NFU Denounces Chinese Currency Devaluation

August 12, 2015 By Ron Sylvester Leave a Comment

nfulogo-featNational Farmers Union President Roger Johnson today denounced the Chinese government’s recent decision to devalue its currency, an unfair move that hurts U.S. family farmers’ and ranchers’ ability to export goods to China. Johnson called for the administration to ensure currency manipulation is prohibited in the final Trans-Pacific Partnership (TPP) agreement.

“This deliberate currency manipulation by the United States’ second largest trading partner, and largest supplier of goods imports, is a prime example for why the U.S. needs to prioritize meaningful measures to address currency manipulation with our trading partners,” said Johnson in a letter to U.S. Trade Representative (USTR) Michael Froman. “NFU strongly urges the administration to include a prohibition on currency manipulation in the TPP to protect the U.S. from unfair trading practices and preserve jobs across America.”


Johnson noted that currency manipulation is the most significant contributor to the massive U.S. trade deficit. In 2014, the trade deficit with China alone was $343 billion.

“The overall U.S. trade deficit with all trading partners was $505 billion, a 3 percent drag yearly on our national GDP,” said Johnson. “We have lost millions of additional jobs as a result of currency manipulation and the resultant trade deficit.”

Johnson noted that while China is not currently in the Trans-Pacific Partnership negotiations, NFU is concerned with the potential ripple effect that China’s currency devaluation could have on other countries currently in the negotiations, since several of them also have a history of currency manipulation.

“China’s actions clearly illustrate the need for the U.S. to refuse to allow our trading partners to bend the rules,” noted Johnson. “There must be consequences for currency manipulation, and there must be a prohibition on currency manipulation in the final TPP agreement.”

Share this:

  • Twitter
  • Facebook

Filed Under: Blog Tagged With: China, Currency Devaluation, Michael Froman, TPP, Trade, Trans-Pacific Partnership

Leave a Reply Cancel reply

  • Email
  • Facebook
  • RSS
  • YouTube

Latest News from the Ohio & National Farmers Union

2022 OFU Special Orders

Annual Policy Priorities For the eighty-eighth year, the Ohio Farmers Union has established the organization's public policy priorities at the … Read More

Ohio County Fair Schedule 2022

It's looking great for the first full, uninterrupted Ohio fair season since the beginning of the pandemic. Of special note, the Ohio State Fair will … Read More

Rural Broadband Gets Win in Ohio Budget

State Senators Matt Huffman, R-Lima, and Matt Dolan, R-Chagrin Falls, tried to kill $90 million for rural broadband expansion, yet the Ohio … Read More

State Legislators Listen – Rural Broadband Back in Ohio Two-Year Budget

In a pleasant surprise for rural Ohio, the biennial budget was agreed to Monday with Gov. Mike DeWine's full $250 million funding request for rural … Read More

Check Out the Entire Blog

NATIONAL FARMERS UNION

Click to Take Action



Contact

Ohio Farmers Union
P.O. Box 363
1011 N. Defiance Street
Ottawa, Ohio 45875
Phone: (419) 523-5300
Toll Free: (800) 321-3671

Copyright Ohio Farmers Union© 2023 | Site by: RCS Communications

 

Loading Comments...