NFU: Trade agreements must address currency manipulation
March 7, 2014
Today National Farmers Union (NFU) President Roger Johnson voiced support of recent remarks on currency manipulation by Sen. Sherrod Brown, D-Ohio, and House of Representatives Committee on Ways and Means Ranking Member Sander Levin, D-Mich.
"It is encouraging to see two seasoned and respected congressional leaders reinforce NFU's long-held trade policy: every future trade agreement must address issues such as the trade-distorting effect of currency manipulation," said Johnson.
According to an Economic Policy Institute study, two TPP members, Malaysia and Singapore, are among the world's major currency manipulators and a third, Japan, has announced its intent to intervene in the exchange market to lower the value of the yen.
"Currency manipulation distorts the value of imported and exported goods and increases the likelihood that our existing trade deficit will only continue to rise," said Johnson. "U.S. negotiators must affirm a goal of decreasing the enormous U.S. trade deficit, which harms our economy and destroys U.S. jobs. I urge our congressional allies to continue their stance against currency manipulation and reject any attempt to pass misguided agreements that reinforce the inequality of our trade playing field."
Sen. Brown and Rep. Levin stated during a Feb. 26 telephone press conference that Congress would not grant the president trade promotion authority or approve a Trans-Pacific Partnership (TPP) trade agreement unless it includes disciplines on currency manipulation, an issue still outstanding in the negotiations.