Dem TPP foes seize on devaluation of Vietnamese currency

Dem TPP foes seize on devaluation of Vietnamese currency
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Democratic Rep. Rosa DeLauro (Conn.) said Thursday that Vietnam's recent currency devaluation is another reason for using trade agreements to stop the practice.

DeLauro, who is campaigning against the 12-nation Trans-Pacific Partnership (TPP) — of which Vietnam is a part — said that without action by the Obama administration, dropping currency values will continue to hurt American workers.

"We will see time and again what we have seen over the past nine days: that when one country devalues its currency, it causes a domino effect throughout the region and American workers suffer the consequences," DeLauro said.

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She said that the deliberate lowering of currency values is "cheating" that "will only exacerbate our trade deficit and cost us jobs."

This week, the State Bank of Vietnam lowered the value of its currency, the dong, by about 1 percent against the dollar — the third adjustment this year — following the depreciation of China's yuan last week.

She said it's another reminder of the "lengths that Vietnam, 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. 

"This administration must not allow Vietnam and other nations to continue to game the system and destroy our manufacturing industry," DeLauro said.

"Now is the time to take a stand and take action before more jobs leave our shores."

Rep. Debbie Dingell (Mich.) called Vietnam's move "another disturbing example of what will happen if we fail to address currency manipulation in the Trans-Pacific Partnership."

"We need strong, enforceable protections against currency manipulation in any trade agreement, and it is my hope that the administration will stand up for American workers and hold our trading partners accountable for unfair practices," Dingell said.