Senator Stabenow Statement on Amendment to Include Strong, Enforceable Currency Language in U.S. Trade DealsTuesday, May 19, 2015
U.S. Senator Debbie Stabenow today offered a bipartisan amendment that would add clear language to require that any future trade agreements include enforceable currency provisions. Currency manipulation is the most significant 21st century trade barrier that American manufacturers face today and has resulted in the loss of as many as five million jobs in the United States.
"Instead of fast-tracking trade, we need to fast-track the middle class by putting policies in place that will allow our businesses and workers to compete and win on a level playing field. Our trade agreements need to have strong, enforceable currency manipulation language."
A strong U.S. dollar against a weak foreign currency - particularly one that is artificially weak due to government manipulation - causes foreign products to be cheaper in the United States and for U.S. products to be more expensive in countries that manipulate their currencies. According to Ford, the weak yen gives Japanese automakers an added $6,000 in profit on the average car and as much as $11,000 more profit per vehicle, depending on the make and model.
This amendment was introduced by Senators Portman (R-OH) and Stabenow and cosponsored by Senators Tammy Baldwin (D-WI), Sherrod Brown (D-OH), Bob Casey (D-PA), Heidi Heitkamp (D-ND), Amy Klobuchar (D-MN), Joe Manchin (D-WV), Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Elizabeth Warren (D-MA), Joe Donnelly (D-IN), Al Franken (D-MN), Bob Menendez (D-NJ), Mazie Hirono (D-HI), Richard Burr (R-NC), Lindsey Graham (R-SC), and Susan Collins (R-ME).
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