WASHINGTON, DC - Congressman Mike Michaud, Chairman of the House Trade Working Group, issued the following statement today following an announcement yesterday by the Department of Commerce regarding their decision not to investigate China's currency manipulation as a countervailable subsidy in petitions filed by U.S. paper companies Sappi Fine and NewPage:

• "I am deeply disappointed in the Administration's inaction on the China currency issue. Commerce's decision means they will not evaluate the effects of China's currency manipulation on U.S. paper manufacturers, even though it is clear China's undervalued yuan puts these American businesses at a competitive disadvantage.
  
  "The Administration's inaction on China's currency is particularly troubling given the state of the U.S. economy and the fact that China undeniably undervalues the yuan to its economic advantage. In an economic downturn of this magnitude, it is crucial that the federal government do everything it can to protect our small businesses from unfair trade practices. Because the White House has refused to take action to level the playing field with China, it is absolutely imperative that Congress do so as soon as it returns."