Heat Treat Industry News

March 29, 2010

US steel execs want govt to get tough on trade

WASHINGTON: US steel executives on Thursday urged Congress to get tough with Beijing on trade, while a Chinese official pressed President Barack Obama’s administration not to label his country a “currency manipulator” with an undervalued yuan.

“We are in a trade war. We just haven’t shown up for it,” Dan DiMicco, chief executive officer of Nucor, told the Congressional Steel Caucus during a hearing rife with US industry complaints about China.

Carl Moulton, vice-chairman of the Specialty Steel Industry of North America, told the bipartisan lawmakers’ group that China’s undervalued currency gave it a “huge commercial advantage” over the US.

“A significant part of any successful plan to restore jobs and revive the economy must be correction of foreign governments’ enforced undervaluation of their currencies,” Moulton said, noting that many Asian economies link their currencies to China’s yuan.

Meanwhile, Chinese vice-commerce minister Zhong Shan held a second day of talks with the Obama administration on trade and currency concerns.

Zhong, who began his visit by rejecting US calls for China to let the yuan rise more rapidly, met on Thursday with Robert Hormats, the US of state for economic, energy and agricultural affairs.

Source: The Economic Times

For more information on our services, please contact us via e-mail

Robert Gutierrez - RGutierrez@HoustonHeatTreat.com
Mark Tate - Sales or Technical assistance - MTate@HoustonHeattreat.com

or call us at 281-590-9600.