Press Releases
Dingell, Kildee Hold Briefing on Currency Manipulation and Fast Track
Washington, DC,
April 22, 2015
In light of recently introduced trade promotion legislation, or Fast Track, Congresswoman Debbie Dingell (MI-12) and Congressman Dan Kildee (MI-05) held a briefing today on the critical issue of currency manipulation. A panel of experts representing economists, industry and labor joined the members to discuss the devastating impact currency manipulation has had on American workers and industries, and the importance of addressing it in any free trade agreement. “If we don’t take action to stop currency manipulation, any other benefits of a free trade deal can be wiped out in seconds,” said Congresswoman Dingell. “Currency manipulation is the mother of all trade barriers. It has cost the United States up to five million jobs, and not addressing it will only lead to lower wages and more lost jobs for American workers. It is clear that strong, enforceable currency provisions need to be included in any free trade agreement if we are to protect American jobs and level the playing field for our workers.” “Allowing new trade deals to move forward without addressing currency manipulation certainly isn’t free trade and isn’t something I can support,”Congressman Kildee said. “When American workers can compete on a level playing field, I know they can build the best products in the world and compete with anyone. But failing to address currency manipulation stacks the deck against American manufacturers. It forces our workers to continue competing against countries, like Japan, that are deliberately devaluing their currency to favor their exports. Fast tracking a new trade deal without strong, enforceable currency provisions is a bad deal for our workers, our businesses and our economy.” The briefing was held in advance of Japanese Prime Minister Shinzo Abe’s April 28thmeeting with President Obama to discuss trade and other issues. Currency manipulation by Japan has put American automakers at a competitive disadvantage of up to $8,000 per vehicle produced. Speakers at today’s briefing included Governor Matt Blunt, President of the American Automotive Policy Council (AAPC); C. Fred Bergsten, Senior Fellow and Director Emeritus at the Peterson Institute for International Economics; and Josh Nassar, Legislative Director at the United Auto Workers (UAW). “Currency manipulation is the biggest barrier for 21st century trade,” said Governor Blunt. “It is estimated that currency manipulation has cost upwards of five million American jobs. Currency manipulation has had and continues to have a profound negative impact on the American auto industry and American manufacturing. AAPC and its member companies have supported every existing free trade agreement and past versions of trade promotion authority, and we look forward to working with Congress to ensure trade promotion authority and TPP actually opens markets and leads to free trade.” “The American auto industry is back and creating tens of thousands of new jobs a year,” said UAW President Dennis Williams. “UAW is proud of the fact the automotive industry is the largest manufactured goods export sector in the United States. We now must build on this growth and fight against unfair trade practices that kill jobs and threaten our future. Currency manipulation hurts manufacturing and our ability to sell and export cars because it makes our cars artificially expensive. The TPP Agreement must include enforceable rules requiring each TPP Party to avoid manipulating exchange rates to gain an unfair competitive advantage in international trade. This is one more reason why we in the UAW stand firmly against Fast Track.” |