Senators Continue Pressure for TPP Currency Rules
The Obama Administration continues to fail to address “strong and enforceable” currency manipulation in Trans-Pacific Partnership (TPP) negotiations, said Sens. Debbie Stabenow, D-Mich., and Lindsay Graham, R-S.C., in a Jan. 8 letter to President Barack Obama. The administration has also repeatedly declined to respond to Congressional pressure urging the incorporation of currency disciplines in a final TPP pact, said the Senators.
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“We believe the Administration has had adequate time not only for internal deliberations about such provisions, but also to negotiate them with our trading partners,” said the Senators. “Likewise, there exists significant Congressional support for including currency manipulation provisions in TPP. We look forward to working with you to meaningfully address currency manipulation and to make TPP a truly 21st century trade agreement.” The lack of currency disciplines in a final TPP pact will institute a permanent unfair trade relationship with TPP partners, said the Senators.