April 22, 2014: Currency and the TPP
and welcome to the Early Shift. We had a longer weekend here at the Alliance for American Manufacturing than expected. But things are back to normal for us in Washington, DC …
… so let’s get caught up on all of the goings on in manufacturing news.
It’s not all Easter Egg Rolls for President Obama. He’s embarking upon a trip to four countries in Asia, where chief among his priorities will be shoring up support for the Trans-Pacific Partnership (TPP) trade pact, a massive trade agreement with signatory countries encompassing more than 40 percent of global GDP.
Will the president fight for a TPP rule against currency manipulation, the practice of gaming exchange rates to subsidize your exports? No, he most likely won’t. Such a rule hasn’t been suggested by the American negotiators so far, despite broad congressional support for one, and data that shows ending currency manipulation as a global practice would reintroduce the economic demand to create millions of American jobs.
It’s a bummer that he won’t. Even some of the highest of highbrow editorial writers these days think that the trade pacts America negotiates should pay more attention to preserving actual jobs in this country. It’s curious that the White House doesn’t see it the same way.
And speaking of currency manipulation: The Wall Street Journal reports that China’s currency, the yuan, has fallen to its weakest level in over a year. That’s only days after the U.S. Treasury Department wagged its finger at the government in Beijing for fiddling with its exchange rate, but declined to name it a currency manipulator for the 11th time during the Obama administration.
And ICYMI: The Alliance for American Manufacturing’s (AAM) latest poll came in a little while ago, but its results are still eye-opening. Did you know that voters favor job creation over deficit reduction by a 2-1 margin?
Have a good week, everybody.
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