Rep. Keith Ellison Statement on Chinese Currency Manipulation
Sep 25, 2015
WASHINGTONâ€”Rep. Keith Ellison (D-MN) released the following statement after President of China Xi Jingping met with President Barack Obama to discuss trade and other matters:
â€œGood trade deals must include rules that stop countries from artificially lowering the price of their currency. The United States has already lost millions of jobs due to currency manipulation from countries like Japan and Malaysia, which are both Trans-Pacific Partnership countries.
â€œAfter China held down the price of the Yuan in August, other countries in Asia like Vietnam, a party to the Trans-Pacific Partnership, followed suit and devalued their currency. This showed us that without enforceable protections against currency manipulators, the Trans-Pacific Partnership will leave working families behind.
â€œThis deal must include rules to stop countries from inflating the value of the dollar and threatening American jobs.â€
In March, the CPC called for enforceable currency manipulation protections in its Principles for Trade, a model to put working Americans first in trade negotiations.