DeLauro Statement on Chinese Devaluation of Currency; Highlights the Need to Include Enforceable Currency Standards in TPP

NEW HAVEN, CT—Congresswoman Rosa L. DeLauro released the following statement regarding the announcement that China has devalued their currency:

“Today we were reminded of the lengths that China, and other Asian countries including partners to the Trans-Pacific Partnership (TPP), will go to ensure that their goods are subsidized at the expense of American jobs. Let us be clear – currency manipulation is cheating, plain and simple. This year, our trade deficit with China is already over $170 billion. This currency cheating will only exacerbate the deficit and cost us more jobs.

“If we are serious about making sure the US is on a level playing field, then the TPP must include enforceable standards to address currency manipulation in the core text of the agreement.

“This Administration must not allow China and other nations to continue to game the system and destroy our manufacturing industry. Now is the time to take a stand and take action before more jobs leave our shores.”

The currencies in several Asia-Pacific nations including the Philippines, Indonesia, Thailand, and free trade partner South Korea as well as TPP partner nations Australia, Malaysia, and Singapore fell today as news of China’s move spread throughout the region.

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