Factsheet: TPP’s Failure to Include Enforceable Disciplines Against Currency Manipulation

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The Obama administration has been frank in explaining why the final text of the Trans-Pacific Partnership (TPP) does not include the enforceable disciplines against currency manipulation that hundreds of congressional Democrats and Republicans demanded: key TPP nations refused such terms. Several TPP countries are infamous for devaluing their currencies to subsidize their exports and price U.S. goods out of their markets. When they chose to have no TPP rather than face limits on such conduct, the administration completed a TPP that fails to combat the trade barrier that many economists, U.S. firms and unions consider a major contributor to the huge U.S. trade deficit and related manufacturing job loss.