Quote Of The Day: "It's time the administration stiffened its spine" on trade issues
A few months ago, the New York Times editorial board gave a milquetoast endorsement of the Trans-Pacific Partnership, despite the fact that this huge trade deal's details were (and remain) opaque. But this weekend, the page significantly changed its tune. Its whole take is worth a read, but please allow yourself to be enticed by the following Quote Of The Day:
It’s easy to point the finger at Nafta and other trade agreements for job losses, but there is a far bigger culprit: currency manipulation. A 2012 paper from the Peterson Institute for International Economics found that the American trade deficit has increased by up to $500 billion a year and the country has lost up to five million jobs because China, South Korea, Malaysia and other countries have boosted their exports by suppressing the value of their currency.
The trade agreements the Obama administration is negotiating provide a chance for the United States to press countries to stop manipulating their currencies. The administration appears to be afraid that raising the issue could scuttle the talks. It’s time the administration stiffened its spine.
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