Article Date: 08/17/2015
Bottom line: the Trans-Pacific Partnership cannot come to a conclusion without a policy on currency manipulation. The U.S. economy continues to struggle due to global currency manipulation, specifically when China devalues the Yuan to benefit them.
It’s a recognized problem, however, negotiators have yet to tackle it. By manipulating currency (ex. China), it makes imports to the United States cheaper while at the same time driving U.S. exports and manufacturing up. Ultimately, this causes manufacturing factories in the United States to close up shop resulting in a loss of jobs. Japan, Singapore, and Malaysia all have a past of currency manipulation and they are members of the Trans-Pacific Partnership.
“While supporters said [TPP] would create upwards of 70,000 jobs, it instead has led to tens of thousands of lost American jobs and an 84-percent increase in this country’s trade deficit with Korea. In fact, the U.S. rung up its highest monthly trade deficit ever with Korea in January, reaching $3 billion.” Why would the United States go through with TPP negotiations if a currency manipulation policy is not put into place? Let’s hope we do not.
To read this article from the Huffington Post, please click the following link: http://www.huffingtonpost.com/james-p-hoffa/chinas-currency-manipulat_b_7998236.html