230 Members of Congress Urge Action on Japan's Currency Manipulation

June 6, 2013

'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,' said Scott Paul, president of Alliance for American Manufacturing.

Adrienne Selko

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.”

About the Author

Adrienne Selko | Senior Editor

Focus: Workforce, Talent

Follow Me on Twitter: @ASelkoIW

Bio: Adrienne Selko has written about many topics over the 17 years she has been with the publication and currently focuses on workforce development strategies. Previously Adrienne was in corporate communications at a medical manufacturing company as well as a large regional bank. She is the author of Do I Have to Wear Garlic Around My Neck? which made the Cleveland Plain Dealer's best sellers list. She is also a senior editor at Material Handling & Logistics and EHS Today.

Editorial mission statement: Manufacturing is the enviable position of creating products, processes and policies that solve the world’s problems. When the industry stepped up to manufacture what was necessary to combat the pandemic, it revealed its true nature. My goal is to showcase the sector’s ability to address a broad range of workforce issues including technology, training, diversity & inclusion, with a goal of enticing future generations to join this amazing sector.

Why I find manufacturing interesting: On my first day working for a company that made medical equipment such as MRIs, I toured the plant floor. On every wall was a photo of a person, mostly children. I asked my supervisor why this was the case and he said that the work we do at this company has saved these people’s lives. “We never forget how important our work is and everyone’s contribution to that.” From that moment on I was hooked on manufacturing.

I have talked with many people in this field who have transformed their own career development to assist others. For example, companies are hiring those with disabilities, those previously incarcerated and other talent pools that have been underutilized. I have talked with leaders who have brought out the best in their workforce, as well as employees doing their best work while doing good for the world.