September 24, 2013
David Shepardson

A bipartisan group of 60 U.S. senators on Tuesday urged the Obama administration to address foreign currency manipulation in the Trans-Pacific Partnership trade talks.

Led by Sens. Debbie Stabenow, D-Lansing, and Lindsey Graham, R-S.C., the senators want the U.S. to include the issue of currency valuation in the 12-nation trade talks aimed at creating the second largset free trade zone in the world. “Currency manipulation can negate or greatly reduce the benefits of a free trade agreement and may have a devastating impact on American companies and workers,” they wrote to Treasury Secretary Jack Lew and U.S. Trade Representative Mike Froman. “A free trade agreement purporting to increase trade, but failing to address foreign currency manipulation, could lead to a permanent unfair trade relationship that further harms the United States economy.”

U.S. automakers have repeatedly accused Japan of manipulating its currency to make its exports cheaper in yen terms and imports more expensive — and also accuses Japan of using non-tariff barriers to keep most U.S. autos out of Japan.

Source
The Detroit News