As the United States prepares to host Trans-Pacific Partnership (TPP) meetings in Washington, D.C. next week, members of Congress and business and labor leaders continue to urge the Obama administration to address unfair currency practices by Japan and other nations. To date, there is no indication that this topic has been raised in negotiations.
In a letter sent to United States Trade Representative Mike Froman, Alliance for American Manufacturing President Scott Paul said:
“Few issues are mentioned more often by members of Congress – Democratic or Republican – when posed with the question, ‘What would it take for you to support a TPP deal?’ In fact, in an unprecedented show of bicameral, bipartisan unity, 60 Senators and 230 House members urged President Obama to address this issue in the TPP. Yet, there is no indication to date that you or others within the administration, including the president, have even raised this issue at the negotiating table.
“The president spoke in recent days – including at an appearance before the Business Roundtable – about his desire to ensure that Congress feels that they are a part of the process. Yet, the apparent unwillingness to address currency manipulation stands out as a glaring example of a priority issue for Congress that has essentially been ignored by the administration. If you truly want to begin building the trust needed to advance your trade agenda, making a forceful push to address the threshold issue of currency manipulation next week in the TPP negotiations would demonstrate that this administration is willing to listen to Congress and fight for its priorities.”
Conservative and liberal economists and columnists agree, too – currency manipulation must be addressed.