WASHINGTON, June 8, 2016 /PRNewswire-USNewswire/ -- U.S. Treasury Secretary Jack Lew announced that high level talks in Beijing between U.S. and Chinese officials had failed to produce an agreement on how to address the global aluminum capacity crisis. China's domestic aluminum industry will continue to receive billions of dollars in illegal government subsidies, such as low-cost electricity, financing zombie companies, and tax breaks, while continuing to expand capacity and crashing global prices.
Thousands of American aluminum jobs are now under threat as a result of China's manipulation of the global aluminum market. In 2015, illegal Chinese aluminum subsidies resulted in more than 3,300 American workers losing their jobs. At the same time, state-owned Chinese aluminum producers have increased production capacity by 70 percent in the last four years alone.
Unfortunately, without decisive legal action, China appears unwilling to address its overcapacity problems caused by its massive state-directed subsidies. Now is the time for the Obama Administration and other aluminum-producing countries to take action.
The Executive Director of the China Trade Task Force, Mark Duffy, stated that "the lack of progress at the U.S.- China Strategic & Economic Dialogue was extremely disappointing for U.S. aluminum workers and their families." He went on to say that "if nothing changes more Americans will soon be out of work."
ABOUT US: China Trade Task Force is committed to supporting and saving tens of thousands of American jobs. The U.S. Aluminum market directly creates over 10,600 American jobs, indirectly supports tens of thousands more jobs and contributes over $6 billion in U.S. economic output each year. China is job hacking American workers and providing illegal subsidies to Chinese state owned aluminum producers. For more information, please visit us online at www.chinatradetaskforce.com
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SOURCE China Trade Task Force