Rep. Sandy Levin talks currency and the TPP
Rep. Sandy Levin (D-MI), the ranking member on the House Ways and Means Committee, made an appearance at the Center for American Progress yesterday to discuss what’s at stake for the American economy in the ongoing Trans-Pacific Partnership (TPP) trade negotiations.
Rep. Levin has been a reliable voice when it comes to making sure trade works for American workers. And he had plenty to say yesterday regarding the TPP.
He pointed out that, if signed, the TPP would encompass 60 percent of the world’s economy. That’s important to consider: Due to its size alone, the TPP's terms will reverberate around the globe. The U.S. needs to ensure that strong provisions are adopted regarding such unfair trade practices as currency manipulation. This is particularly important because countries like Japan have a history of manipulating their exchange rates for personal gain. Otherwise, the trade deal could set an unfortunate precedent:
It’s a good point, and despite an administration that sticks its fingers in its ears when the subject comes up, it’s one with which the legislative branch (yes, the whole branch) agrees: Majorities in both chambers of Congress are eager to see a provision punishing currency manipulation inserted into the TPP.
We’re glad Rep. Levin is out there raising this issue for America’s manufacturers as they face subsidized competition from overseas. In fact, one recent study suggests that if currency manipulation around the globe were to end, the United States' economy could create up to 5.8 million jobs over the next few years. That's plenty of incentive to tackle the issue now.
“Globalization is here to say,” said Rep. Levin. “But what can we do to end the status quo?”
End currency manipulation.
This post written with assistance by Alliance for American Manufacturing intern Pamela Tom-Jack.
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