"Maine employees have a well-earned reputation as some of the most conscientious and diligent workers in the world," said Senators Collins and King in a joint statement. "When allowed to compete within the framework of a fair trade partnership, Maine companies are able to excel in the global marketplace. Currency manipulation creates an uneven playing field for companies and needs to be addressed as we negotiate the TPP in order to protect Maine jobs."
The text of the letter is included below:
Dear Secretary Lew and Ambassador Froman:
We agree with the Administration's stated goal that the Trans-Pacific Partnership (TPP) has "high standards worthy of a 21st century trade agreement." To achieve this, however, we think it is necessary to address one of the 21st century's most serious trade problems: foreign currency manipulation.
Currency is the medium through which trade occurs and exchange rates determine its comparative value. It is as important to trade outcomes as is the quality of the goods or services traded. Currency manipulation can negate or greatly reduce the benefits of a free trade agreement and may have a devastating impact on American companies and workers.
A study by the Peterson Institute for International Economics found that foreign currency manipulation has already cost between one and five million American jobs. A free trade agreement purporting to increase trade, but failing to address foreign currency manipulation, could lead to a permanent unfair trade relationship that further harms the United States economy.
As the United States negotiates TPP and all future free trade agreements, we ask that you include strong and enforceable foreign currency manipulation disciplines to ensure these agreements meet the "high standard s" our country, America's companies, and America's workers deserve.
To view a copy of the letter, click here.
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