8 June 2001, 10:52  US Manufacturing Groups Press Against Strong Dollar Policy

The leading manufacturing trade group Thursday unveiled a major policy initiative, leaning on the White House and Treasury to send a signal that it is not U.S. policy to endorse "an ever-stronger dollar irrespective of economic fundamentals." In a letter that represents a departure from the NAM's previous policy not to make the dollar a policy issue -- since there are many companies in its membership that benefit from a strong dollar as well as a weaker dollar -- the trade group and five other manufacturing groups said "at current levels, the exchange value of the dollar is having a strong negative impact on manufacturing exports, production and employment."

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