Coalition of American Businesses Call on Administration to Address Currency Manipulation in Free Trade Agreements

The American Automotive Policy Council (AAPC) today joined with like-minded organizations representing a broad range of American companies, from the automotive, steel, textile, and high-tech manufacturing industries, in signing a letter to U.S. Treasury Secretary Timothy Geithner and the U.S. Trade Representative Ron Kirk urging them to include rules governing currency manipulation in future trade agreements.

In the letter, the group of organizations representing U.S.
manufacturers: “strongly recommends that the United State government pursue, as a leading priority, inclusion of strong currency disciplines in all future U.S. free trade agreements, including the Trans-Pacific Partnership (TPP) agreement.”

“American automakers are leading the world in product quality, fuel efficiency and innovation,” said AAPC President Matt Blunt. “They can compete with any automaker in the world as long as their competitors are not given unfair trading advantages.”

The AAPC and others that joined onto the letter pointed out that by including provisions prohibiting currency manipulation in future free trade agreements, the United States will help achieve its goal of securing a high-standard 21st century agreement that will act as a model for future trade negotiations. Further, including rules on currency manipulation will help foster a multilateral consensus against manipulators that act unilaterally to gain an unfair competitive advantage.

The signers argued that addressing currency manipulation in future U.S. free trade agreements will help achieve America's goal of doubling exports by 2014, boosting job creation and making the United States a better business environment in which to start and grow a business.

"As the Trans-Pacific Partnership discussions continue and the Administration considers free trade agreements with other countries, rules against currency manipulation should be adopted as a standard part of any agreement in order to allow American companies to compete on an even playing field," the coalition wrote.

The letter is signed by Alliance for American Manufacturing (AAM), American Automotive Policy Council (AAPC), American Iron and Steel Institute (AISI), National Council of Textile Organizations (NCTO), Information Technology and Innovation Foundation (ITIF), Association for Manufacturing Technology (AMT), Steel Manufacturers Association (SMA), American Mold Builders Association (AMBA), American Fiber Manufacturers Association (AFMA) and the Motor & Equipment Manufacturers Association (MEMA)

To read full text of the letter, click here.

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.