WASHINGTON (April 3) — The Rubber Manufacturers Association´s General Products Group is urging its members to submit comments to the Treasury Department on whether China and other countries manipulate their currencies to gain unfair advantage in world trade.
Many economic analysts estimate that China is undervaluing its currency by as much as 40 percent, and this has an enormous impact on the small and medium-sized companies that comprise the GPG, according to Kevin Ott, GPG vice president.
"This currency issueàis wreaking price-havoc on U.S. manufacturers," Ott wrote. "This is why you won´t find any U.S.-made bicycles, cooking utensils or patio umbrellas in Wal-Mart."
Ott quoted an unnamed rubber industry CEO as saying, "We haven´t got three or four years to figure this out — we need help now." April 7 is the deadline for comments on the issue.