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NFU: Currency manipulation bill and FTAs

The National Farmers Union does not support the three free trade agreements now being considered by Congress but does support the Senate bill that addresses currency manipulation by other countries when free trade agreements are put in place.

NFU’s Chandler Goule says the USTR, which negotiates U.S. free trade agreements, does not have the jurisdiction to formally charge countries for currency manipulation. Goule says the U.S. has been burned before, when Korea manipulated its currency in 1988/’89 and says Mexico is another example.

“You can also look at the NAFTA agreement,” says Goule, “You know, right after we signed it the Mexicans immediately devalued their peso and so we lost all of our gains that we made in our trade agreement.”

Goule says the Senate bill would provide the US Treasury department the mechanisms it needs to not only formally charge those countries but also take actions with our trade agreements with them. Goule says that currency manipulation bill is “going down the right road” and Congress should pass it ahead of the FTAs.

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