Report: U.S. has lost 2.4M jobs to China

Texas and California were the hardest hit but every state has experienced job losses because of increased trade from China, according to the report from the left-leaning Economic Policy Institute.

The report blamed high job losses in computers, electronic equipment and parts industries, which are concentrated in those two states.

North Carolina was also hit hard according to the report. That state has seen textile, furniture and other small manufacturing industries shrink as companies faced competition from lower-priced Chinese goods.

While the report said low labor costs in China are a big reason for the trade deficit, it also blamed China’s currency manipulation.

China pegs its currency to the U.S. dollar so that it rises and falls with fluxuations in the dollar’s value. Critics say this means China’s currency is undervalued, and that it lowers the price of Chinese exports while making U.S. exports to China more expensive.

Sens. Charles SchumerCharles (Chuck) Ellis SchumerOvernight Health Care: Schumer calls for tying ObamaCare fix to children's health insurance | Puerto Rico's water woes worsen | Dems plead for nursing home residents' right to sue Crying on TV doesn't qualify Kimmel to set nation's gun agenda Trump knocks ‘fake’ news coverage of his trip to Puerto Rico MORE (D-N.Y.) and Lindsey GrahamLindsey Olin GrahamDurbin: I had 'nothing to do' with Curbelo snub Republicans jockey for position on immigration Overnight Health Care: House passes 20-week abortion ban | GOP gives ground over ObamaCare fix | Price exit sets off speculation over replacement MORE (R-S.C.) have introduced legislation to make it easier for companies to petition the government for tariffs on Chinese products because of currency manipulation.

The two senators are expected to hold a press call Tuesday afternoon on the report.

The report said China has purchased U.S. Treasury bills and other securities to keep the Chinese currency pegged to the U.S. dollar.

China has $2.4 trillion in currency reserves, much of which is thought to be in U.S. dollars.

China’s purchases of U.S. Treasury bills has helped the U.S. finance its debt without raising interest rates, but this has also made Chinese exports to the U.S. less expensive.