Mitt Romney opposes TPP for Japan until it opens its markets
Last month, the Alliance for American Manufacturing (AAM) joined with a broad coalition of other manufacturing groups to press for rules governing currency manipulation as a key point of any future trade agreements.
The various groups signed a letter to U.S. Treasury Secretary Timothy Geithner and U.S. Trade Representative Ron Kirk urging that negotiations toward a potential Trans-Pacific Partnership (TPP) include language to address deliberate currency undervaluation among trading partners.
A key concern among the various groups, including trade associations representing U.S. automakers, is that Japan's currency intervention acts as an unfair trade subsidy. Unless Japan addresses such grievances, other trading partners should not allow Japan to have full TPP market access.
Kudos to GOP presidential candidate Mitt Romney for recognizing that Japan's competitive devaluation of its currency impedes open trade and free markets.
According to the Detroit News, a campaign spokesperson has stated that Romney does not currently support including Japan in TPP talks:
"Governor Romney does not support including Japan in the Trans-Pacific Partnership negotiations at this time," campaign spokeswoman Sarah Pompei said. "Governor Romney believes reaching a trade agreement with Japan or including them in TPP would have enormous benefits for the American economy, but the governor also recognizes that negotiating such an agreement and ensuring open access to the Japanese market would take time."
Good for Governor Romney, pressing for fair trade in support of the free market.
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