Senator Richard Blumenthal will join Congressman Chris Murphy (CT-5) and manufacturers for a press conference Monday to call for the passage of the Currency Exchange Manipulation Act.
The bill would curb manipulative trade practices by China that favor Chinese exports and unfairly harm American manufacturers. Blumenthal and Murphy will tour HABCO Incorporated, an aerospace, power generation, and industrial manufacturer in Glastonbury that has been adversely affected by China’s manipulation of their currency.
The Alliance for American Manufacturing estimates that the United States’ trade deficit with China – largely caused by Chinese currency manipulation – cost 2.8 million American jobs over the last decade and 31,600 in Connecticut alone. Blumenthal is an original cosponsor of the Currency Exchange Manipulation Act.