(WASHINGTON) – The following is the official statement of Teamsters General President Jim Hoffa in response to a letter signed today by 158 House members, both Republican and Democrat, calling on the White House to include enforceable provisions against currency manipulation in the Trans-Pacific Partnership (TPP).
“At a time when partisan gridlock has largely shut down Capitol Hill, it is telling to see all these lawmakers come together to raise serious questions about how currency manipulation negatively affects U.S. trade with China and several nations that are partners in the TPP.
“Currency manipulation has long been a drag on the U.S. economy and our jobs. But China’s decision last month to devalue the Yuan shows the kind of damage such tinkering can bring to America. And it’s why Congress cannot approve the TPP until something is done about it.
“The failure to address currency manipulation and undervaluation has been a major cause of the U.S. trade deficit and manufacturing decline. Yet there is no provision in the TPP to do so, even though policymakers on both sides of the aisle understand how devastating it can be to America’s economic health. Congress is right to air its concerns by demanding that currency provisions be placed in the TPP that could be enforced through trade sanctions.”
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at www.facebook.com/teamsters.