Today, the Senate passed a customs enforcement bill aimed at stopping unfair trade practices, cracking down on currency manipulation and closing trade loopholes so that American manufacturers, automakers, and steelworkers can remain competitive in a global marketplace.
Despite the crucial role manufacturing plays in Pennsylvania’s economy, Pat Toomey shamefully voted against protecting the industries that bolster his own state’s economy.
“Manufacturers and steelworkers are a vital part of Pennsylvania’s economy, and it’s shocking that Pat Toomey chose to vote against a bill that aims to protect them,” said Sadie Weiner, DSCC National Press Secretary. “Pennsylvanians deserve a Senator who puts his own state’s interests first and works to keep the playing field level for American manufacturers.”
Toomey Voted Against Customs Enforcement Bill To Combat Currency Manipulation And Implement Protections Against Unfair Trade Practices. In May 2015, Toomey voted against: “Passage of a bill, as amended, that would grant the U.S. Customs and Border Protection agency broader authority to enforce compliance with trade agreements, making specific designations for health and safety, intellectual property rights, and currency manipulation. The bill would amend the Tariff Act of 1930 to treat undervaluation as an export subsidy subject to countervailing or import duties if they harm U.S. companies. The bill would also block countries that undervalue currencies from the benefits of free trade agreements with the United States. In addition, the bill provides for additional requirements for the United States to do more tracking and analysis of trading partners’ currency practices.” [CQ, 5/14/15; H.R. 644, Vote 179, 5/14/15]
- Legislation Combatted Currency Manipulation, Provided New Tools And Closed Loopholes To Help U.S. Manufacturers Combat Unfair Trade Practices. “Among other things, the customs bill would also give the public a new import-monitoring tool so that industries affected—like steel companies or solar-panel makers—can file trade cases with the Commerce Department and the U.S. International Trade Commission as an import surge happens instead of well after the fact, once the damage is done. The bill would also close a loophole that allows imports of products made with forced and child labor if a company can prove that such labor is the only way to obtain those products.” [Wall Street Journal, 5/14/15]
- Economic Policy Institute: Combatting Currency Manipulation “Is The Best Way To Reduce Trade Deficits, Create Jobs, And Rebuild The Economy.” “Currency manipulation, which distorts trade flows by artificially lowering the cost of U.S. imports and raising the cost of U.S. exports, is the primary cause of these growing trade deficits. Currency manipulation has increased global trade imbalances by between $700 billion and $900 billion per year, but the United States has absorbed the largest share. Halting global currency manipulation by penalizing or offsetting currency manipulation is the best way to reduce trade deficits, create jobs, and rebuild the economy.” [Economic Policy Institute, 2/26/14]