The Senate on Monday began debating legislation on Chinese currency manipulation. Beijing undervalues its currency, the yuan, to make its exports to the United States cheaper and U.S. goods more expensive to buy in China. Sen. Bernie Sanders is a cosponsor of the bill to put higher duties on Chinese products. The measure is part of an effort to rewrite U.S. trade policies that have had these disastrous results for American workers:

• From 2001-2009, American multi-national corporations have laid-off 2.9 million workers in this country, while they have added 2.4 million jobs overseas.
• Since the passage of Permanent Normal Trade Relations with China in 2000, the U.S. trade deficit with China has more than tripled.  In 2000, the U.S. trade deficit with China was $83 billion.  Last year, the U.S. trade deficit with China was a record-breaking $273 billion. 
• Since 2000, 2.8 million American jobs have been eliminated or displaced as a result of our increased trade deficit with China.
• Over the last decade, more than 50,000 factories in America have been shut down.  5.5 million manufacturing jobs have been lost.  We had more factory jobs in March of 1941, eight months before the attack on Pearl Harbor, than we do today.