Former Commerce Chiefs Warn Against Currency Rules, but Push Hard for TPA
The inclusion of currency rules in free trade agreements would be harmful to the U.S. trade agenda, and the Treasury Department should instead continue to tackle currency manipulation through diplomacy, said ten former secretaries of the Department of Commerce in…
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a recent letter to Congress (here). The former secretaries also shot down legislative attempts to address currency manipulation through countervailing duty law, as proposed in two bills introduced in the Senate and House of Representatives in February (see 1502120014). "While we recognize the negative impact that the undervaluation of foreign currency has on American businesses, we believe that currency issues would be more effectively addressed by the Department of Treasury through continued intensive dialogue and bilateral engagement," said the letter. The secretaries also pushed for Trade Promotion Authority, saying pending trade pacts provide a platform for boosting U.S. exports.