The AFL-CIO, America’s largest labor union, urged Congress on July 7 to pass legislation designed to combat the perceived undervaluation of China’s currency, Reuters reported. The union’s call for action comes shortly after a Treasury report declined to label China a "currency manipulator." In response, AFL-CIO president Richard Trumka said that the Treasury report had denied "the overwhelming evidence, including that in [the] Treasury’s own report, that the Chinese government has systematically intervened in the currency markets over many years to keep the renminbi undervalued by as much as 40 percent." The AFL-CIO is backing a proposed bipartisan bill that would use the United States’ anti-dumping and countervailing duty laws to combat China’s undervalued exchange rate.
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