WASHINGTON, D.C. – American Automotive Policy Council President Matt Blunt issued the following statement on the new U.S. Department of the Treasury’s Semiannual Report on International Economic and Exchange Rate Policies.
“The Treasury Department’s most recent report on exchange rate policies underscores why currency manipulation rules must be included in the Trans-Pacific Partnership (TPP). Majorities of both the U.S. House of Representatives and the U.S. Senate have urged the inclusion of strong and enforceable currency disciplines in U.S. trade agreements, so that no nation can undermine the benefits of trade agreements by manipulating its currency.
“The report highlights recent currency actions by Japan and Korea. Japan is now part of the TPP talks, and Korea has expressed an interest in joining the negotiations.
“A well-negotiated TPP will create jobs in the United States and across the Pacific Rim. However, that growth would be put at risk unless each member nation, including Japan, embraces a high standard, 21st century trade agreement that includes strong and enforceable currency disciplines.”
The American Automotive Policy Council, Inc. (AAPC) is a Washington, D.C. association that represents the common public policy interests of its member companies Chrysler Group LLC, Ford Motor Company and General Motors Company.