Senators Call for Currency Pressure at US-China Dialogue Summit
The Obama administration should use the ongoing U.S.-China Strategic & Economic Dialogue as a forum to press forward “decisively” on addressing Chinese currency manipulation, Sens. Chuck Schumer, D-N.Y., and Bob Casey, D-Pa., in a July 9 letter to Treasury Secretary…
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Jack Lew. “Despite overwhelming bipartisan support, efforts to address this issue by both this administration and the previous administration have proved insignificant,” said the letter. “We understand that the issue rests with Treasury. As such, we would like to make clear that without inclusion of strong and enforceable currency manipulation disciplines in any future trade agreement, the President’s trade agenda, including the passage of the [Trans-Pacific Partnership (TPP)], is in jeopardy.” Sixty Senators also sent a letter to Secretary Lew and U.S. Trade Representative Michael Froman in September 2013 to encourage currency rules in U.S. free trade agreements (see 13092423). The U.S. has not broached currency in TPP negotiations, said Froman in May testimony before Congress (see 14050123).