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TO REQUEST THE UNITED STATES DEPARTMENT OF THE TREASURY TO ADOPT A VIGOROUS AND STRONG TRADE POLICY REGARDING CURRENCY MANIPULATION, AND TO TAKE SWIFT AND RESPONSIVE ACTIONS IN THE WORLD TRADE ORGANIZATION TO HALT CURRENCY MANIPULATION AND OTHER UNLAWFUL BARRIERS TO FAIR AND FREE TRADE.
Whereas, the South Carolina General Assembly believes that the People's Republic of China continues to threaten our state's economy and the economic security of South Carolina's citizens by consistently undervaluing its currency relative to the dollar, and through various deliberate interventions has manipulated currency values, resulting in adverse effects on South Carolina's economy and its citizens; and
Whereas, South Carolina's manufacturing sector, as well as its suppliers and ancillary businesses, have lost over eighty thousand jobs due to unfair trade practices, which includes currency manipulation and other unscrupulous measures; and
Whereas, over the past decade China kept the Yuan "pegged" to the dollar and purchased hundreds of billions of dollars to artificially inflate our currency serving as an subsidy for Chinese goods and as a tax or tariff on American goods exported to China; and
Whereas, the trade deficit with China alone has been growing at a rate of between sixteen billion and twenty billion dollars per month and was over two hundred one billion dollars in 2005; and
Whereas, the members of the South Carolina General Assembly applaud the United States Department of Treasury's commitment to the proposition that real economic growth depends on free trade. The members of the General Assembly also applaud the department's efforts to initiate discussions with China's government regarding its currency policies. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the members of the General Assembly of the State of South Carolina and on behalf of South Carolina's citizens and businesses, by this resolution, request the United States Department of the Treasury to adopt a vigorous and strong trade policy regarding currency manipulation, and to take swift and responsive actions in the world trade organization to halt currency manipulation and other unlawful barriers to fair and free trade.
Be it further resolved that a copy of this resolution be forwarded to the United States Department of the Treasury.
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