The manipulation of its currency by China's government is the major problem facing American manufacturing. It's past time the U.S. government muster the will to take strong action, even imposing emergency tariffs, to level the playing field, several experts, including economist Paul Krugman and United Steelworkers (USW) President Leo Gerard, said yesterday.

Speaking at the forum on "Currency Manipulation: How Should the U.S. Respond?" sponsored by the Economic Policy Institute (EPI) with the Alliance for American Manufacturing (AAM), Robert Scott, EPI's senior economist, said China's currency manipulation has cost between 1.5 million and 3 million good American manufacturing jobs.

Fred Bergsten, director of the conservative Peterson Institute for International Economics, added:

If there is going to be a serious jobs program, the exchange rate of the dollar must be at the center of the debate.