WASHINGTON, D.C. – Today, U.S. Sens. Sherrod Brown (D-OH) and Rob Portman (R-OH) announced that they’ve offered an amendment addressing currency manipulation to the Trade Promotion Authority (TPA) legislation. The amendment, authored by Portman and U.S. Sen. Debbie Stabenow (D-Mich.) and cosponsored by Brown, puts teeth into addressing currency manipulation by holding countries accountable to International Monetary Fund standards. It would add explicit and enforceable currency language necessary to ensure that foreign competitors don't use their exchange rates to subsidize their exports at the expense of products made by American workers. The amendment is backed by American auto companies and manufacturers such as Ford, GM, FCA, U.S. Steel, Nucor, and AK Steel.
“In order for American workers and companies to compete, they need a level playing field,” Brown said. “If we are going to fast-track one of our largest trade agreements ever, our companies need stronger enforcement tools. We must address illegal currency manipulation to give American industries the ability to fight unfair trade and create jobs.”
“When foreign competitors tilt the playing field by manipulating their currencies, Ohio workers suffer,” Portman stated. “That means American-made exports are more expensive, while our competitors’ exports into the United States are cheaper. That’s not fair for American workers who can compete with anyone on a level playing field. I’m pleased to introduce this bipartisan amendment that cracks down on currency manipulation to ensure that our trade negotiators treat currency rules just as seriously as other negotiating objectives laid out by Congress.”
Text of the amendment can be found here.