In an effort to prevent trading partners from manipulating their currency, a cross-section of U.S. manufacturers and industrial groups on Tuesday signed a letter to U.S. Treasury Secretary Timothy Geithner and U.S. Trade Representative Ron Kirk urging them to include rules governing currency manipulation as a key point of any future trade agreements.
Signatories to the letter include trade associations representing American automakers and the auto parts supply chain, steel producers, and other high-tech manufacturers. The group’s priority is to see that negotiations toward a potential Trans-Pacific Partnership (TPP) include language to address deliberate currency undervaluation among trading partners.
Administration negotiators say they hope to conclude a TPP agreement within the year. In a recent statement, Kirk's office called the proposed agreement an "important element of the Obama Administration’s efforts to support the creation and retention of high-quality jobs for Americans by increasing exports to the vibrant economies of the Asia-Pacific region."