Vietnamese Dong Drop Shows More Need for TPP Currency Rules, Says AFL-CIO
The Vietnamese devaluation of the dong in recent days is "further proof" the U.S. needs to include "enforceable" currency rules in the Trans-Pacific Partnership, AFL-CIO President Richard Trumka said on Aug. 21. "It’s time for USTR to admit its mistake…
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and make sure the TPP includes enforceable currency rules that protect and support America’s working families," said Trumka in a statement. The AFL-CIO predicted devaluations in Asian currencies following the drop in the Chinese renminbi earlier in August (see 1508130010). The group of unions has aggressively called for both TPP currency rules and the enactment of legislation to authorize the Commerce Department to impose countervailing duties on imports from currency manipulators (see 1508180058). Vietnamese officials cut the dong by 1 percent against the U.S. dollar on Aug. 19 (see 1508200009). Vietnam is one of 12 TPP countries.