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NCTO advocates currency legislation

May 1st, 2008 / By: / Industry News

The National Council of Textile Organizations (NCTO) joined other trade and industry groups in calling for legislation to curb Chinese currency manipulation that is hurting U.S. markets. “Congress must quickly pass currency legislation and give our companies and their workers the ability to defend themselves against China’s predatory trade practices,” says Cass Johnson, president of NCTO. The textile and apparel trade deficit with China soared in 2007, increasing by 20 percent and hitting a record $31.8 billion. Congress has proposed legislation, which NCTO says will “revive domestic production, help reduce our trade deficit and help ensure that good-paying middle-class jobs stay in this country,” according to Johnson. For more about NCTO’s stance, visit the Web site at www.ncto.org.

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