Washington, D.C. – The United States and 11 other Asia-Pacific nations on Monday reached an agreement on the Trans-Pacific Partnership (TPP).
Said Alliance for American Manufacturing President Scott Paul:
“American workers and manufacturers support global trade and rules that promote a level playing field. Since negotiations on the TPP agreement began, we have consistently called for strong market opening features, high-standard rules of origin requirements, and enforceable mechanisms against currency manipulation.
“This deal lowers tariffs and some other non-tariff barriers to trade, but the agreement apparently does nothing to prevent TPP members from manipulating their currencies to gain a trade advantage. Currency devaluations can nearly instantly wipe out the positive effects of free trade agreements and lead to factory job losses in the United States. We are eager to learn if the TPP countries or the Obama administration will propose other mechanisms to address this serious concern.
“Furthermore, there are reports that this TPP text substantially weakens the rules of origin requirements in the 1993 NAFTA agreement. That means that goods from countries like China could be incorporated in products assembled in the TPP region and thereby enjoy the benefits of tariff-free access to the U.S. market without sharing any of the responsibilities of TPP membership.
“We, like many others, are eager to have access to the details so that we can more fully evaluate this agreement. We always stand ready to work with lawmakers to enact public policies that will create new manufacturing jobs in America.”