In a letter to President Obama, dated June 6, the Alliance for American Manufacturing (AAM) called for the White House to address the issue of currency manipulation with regard to the negotiating of the Trans-Pacific Partnership.
The letter was organized by Reps. Michael Michaud (D-ME), Rick Crawford (R-AR), John Dingell (D-MI), and Sam Graves (R-MO) and endorsed by 230 members of Congress.
“Exchange rates strongly influence trade flows, and, in recent years, currency manipulation has contributed to the U.S. trade deficit and cost American jobs,” the letter stated.
“Undervalued exchange rates allow other countries to boost exports of their products and impeded export of ours.”
The group points out that the Peterson Institute for International Economics found that one million American jobs have been shipped overseas as a result of currency manipulation.
The letter comes at a critical juncture in TPP talks following the release of April data showing that the U.S. trade deficit with Japan rose to $6. 9 billion April, up from $6.6 billion in March, thanks in part to a devalued yen, according to AAM.
“We’d like to commend Reps. Michaud, Crawford, Dingell, and Graves for collecting 230 bipartisan signatures among their House colleagues,” said AAM President Scott Paul.
“These Members have sent a clear message to President Obama that trading partners like Japan must open their markets and stop manipulating their currency if they hope to join the Trans-Pacific Partnership (TPP)," Paul added.
“The Asia-Pacific region includes a number of countries that manipulate their exchange rates. Addressing currency manipulation is critical to ensuring that U.S. companies gain reciprocal market access and a level playing field in the TPP.”
