American businesses could be hiring more workers today if we ended unfair trade practices used by some of our trading partners. No matter how competitive companies are in Alabama, they struggle to keep up with foreign competitors that are given an unearned advantage because of currency manipulation.
Wednesday, August 6, 2014
In an ever-shrinking world, a popular refrain among some skeptics is that American manufacturing is not competitive in the global economy. A new report by the American Automotive Policy Council (AAPC) reveals that is simply not the case. Led by Chrysler, Ford and General Motors, American manufacturing is on the rise, creating jobs and expanding opportunity at a rate that hasn’t been seen in years.
With an ultimate goal of stimulating economic growth, hopes are high that the proposed Trans-Pacific Partnership free trade agreement will lead to a spike in cross-border business deals among member countries. Assuming that’s the case, Japan’s chief TPP negotiator posed an interesting question: why does the pact sidestep a key factor that affects practically all international business activity?
More than a dozen leading manufacturing groups on Thursday called on the Obama administration to include currency manipulation provisions in all future trade agreements, especially the Trans-Pacific Partnership (TPP).
The 13 groups, including the American Automotive Policy Council (AAPC), sent a letter to Treasury Secretary Jack Lew and U.S. Trade Representative Michael Froman, as TPP talks begin in Ottawa.
For Immediate Release:
July 1, 2014
Contact: Colin Dunn
Coalition of Business Leaders Urge Obama Administration to Address Currency Manipulation
U.S. Manufacturing Associations Look to Protect American Jobs Ahead of TPP Talks in Ottawa