Trumka: Trade officials failing to confront global currency issues

Trumka: Trade officials failing to confront global currency issues
AFL-CIO President Richard Trumka on Friday criticized U.S. trade officials for failing to make a stronger push for adding exchange rate provisions into trade deals.
 
Trumka said Vietnam's recent currency drop means it is time for the U.S. Trade Representative to “admit its mistake and make sure the [Trans-Pacific Partnership] includes enforceable currency rules that protect and support America’s working families.”
 
“Instead of negotiating rules to prevent unfair currency manipulation, the USTR has helped off-shorers by leaving currency rules out of the proposed Trans-Pacific Partnership," Trumka said. 
 
The urging comes amid drops in currency values across several Pacific nations — including Vietnam and China. 
 
"Vietnam’s currency devaluation is a predictable response to China’s action last week and further proof of the United States Trade Representative’s failure to negotiate trade agreements that protect American workers and jobs," Trumka said. 
 
Trumka said that some TPP nations — Australia, New Zealand and Malaysia — also have experienced drops against the U.S. dollar since China’s surprise move last week to let their currency align better with market forces. 
 
On Thursday, two House Democrats opposed to the TPP said Vietnam’s currency devaluation should be a catalyst for U.S. trade officials to insist on provisions in trade agreements that would deter the practice. 
 
Reps. Rosa DeLauro (Conn.) and Debbie Dingell (Mich.) each urged Thursday for the Obama administration to hold trading partners accountable for unfair practices that give them a global advantage.
 
The State Bank of Vietnam this week lowered the value of its currency, the dong, by about 1 percent against the dollar — the third adjustment of the year — following China's move last week that led to a devaluation of its yuan.