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January 11, 2016

In Case You Missed It: Ways & Means Democrats Told Currency Manipulation Is “Most Unfair Trade Practice In The World”

This month U.S. House Ways and Means Committee Ranking Member Sander Levin (D-MI) and his fellow Democrats on the panel are holding a series of discussions on key issues relating to the Trans-Pacific Partnership (TPP) trade agreement. On Thursday, Jan. 7 the lawmakers discussed currency manipulation. 

The discussion featured Peterson Institute for International Economics Senior Fellow Fred Bergsten, MIT Sloan School of Management Professor Simon Johnson, Brookings Institution Senior Fellow Eswar Prasad and Ford Motor Company Vice President for International Government Affairs Stephen Biegun. Bergsten said, “Currency manipulation was by far the most distorting and unfair trade practice in the world during the decade or so to about 2013. It transferred hundreds of billions of dollars of trade and production, and millions of jobs, to China and other manipulating countries from the United States and other deficit countries.” 

A video of the discussion, along with a report by the Ways and Committee Democratic staff on currency manipulation and the TPP, can be accessed here. The memo discusses “the potential impact of a strong currency manipulation provision on U.S. monetary policy.” The committee’s next discussion will be held on Tuesday, Jan. 11 where the topic will be the TPP and the automotive industry.