AFL-CIO President Richard Trumka on the trade deal with China signed yesterday:
There is precious little in this deal that addresses China’s long-standing denial of basic labor rights. The deal also fails to address the worst aspects of China’s cheating—massive subsidies to its domestic companies and the predatory practices of its state-owned enterprises, which have cost millions of U.S. jobs and gutted our manufacturing base. And it lacks a mechanism for the United States to address the persistent currency misalignment between the dollar and the renminbi. Finally, it is another giveaway to Wall Street and Big Pharma and prioritizes new protections for companies that move to China, creating even more incentives for outsourcing.
It seems some progress has been made, but the devil is in the details—and it’s important to remember that China has made and failed to honor similar commitments in the past.
Contact: Carolyn Bobb (202) 637-5018