Despite improvement Chinese currency still undervalued: Lew
impact on communities in Pennsylvania. We've lost a lot of jobs because China has cheated, and I would argue continues to cheat on the currency policy," he said.
Casey hoped that Lew would keep an open mind as Treasury Secretary not simply to having a good engagement with the Chinese and, therefore, to have a better policy as it relates to their currency policy.
"I hope that you would seek new ways, maybe ways that are consistent with the bill we passed in the Senate, to have real consequences, to designate misaligned currencies than to have priority action, as the bill speaks to, which have real teeth and real consequence," he said.
In response Lew argued that the US would have to vigorously insist that the laws and international agreements be honoured, and that where they're not, that there be consequences.
"We've done that in the area of trade with China over and over again. We've done it in auto parts, we've done it in tires, we've done it in rare earth," he said.
"I think on the currency question, we work through the international bodies, the G-7, the G-20, to advance the view that it's not just the United States but the organised nations of the world that insist on having currency policies which are marked or determined. And in our bilateral relations, we push back very hard," Lew said.
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