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U.S. Treasury warns Congress currency push could derail Pacific pact
Source: Reuters
Deals | Tue Apr 21, 2015 6:50pm EDT
U.S. Treasury warns Congress currency push could derail Pacific pact
WASHINGTON | BY KRISTA HUGHES AND JASON LANGE
(Reuters) - U.S. lawmakers' proposals to sanction countries that deliberately weaken their currencies could derail a Pacific trade pact that is a key part of the Obama administration's pivot to Asia, the Treasury warned on Tuesday.
The Senate could vote on a Trade Promotion Authority bill to speed deals through Congress as early as next week, when Japan's Prime Minister Shinzo Abe addresses a joint meeting of Congress.
Japan is a key partner in the 12-nation Trans Pacific Partnership (TPP), and supporters of a deal say that countries negotiating with Washington want to be sure that concessions they make will not unravel during ratification in Congress.
U.S. Treasury Secretary Jack Lew said consultations with other TPP countries showed they would never sign up to rules that risk constraining central banks, whose easy money policies to stimulate growth can help to weaken currencies.
"Seeking enforceable currency provisions would likely derail the conclusion of the TPP given the deep reservations held by our trading partners," Lew wrote in a letter to senior lawmakers.
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U.S. Treasury warns Congress currency push could derail Pacific pact
WASHINGTON | BY KRISTA HUGHES AND JASON LANGE
(Reuters) - U.S. lawmakers' proposals to sanction countries that deliberately weaken their currencies could derail a Pacific trade pact that is a key part of the Obama administration's pivot to Asia, the Treasury warned on Tuesday.
The Senate could vote on a Trade Promotion Authority bill to speed deals through Congress as early as next week, when Japan's Prime Minister Shinzo Abe addresses a joint meeting of Congress.
Japan is a key partner in the 12-nation Trans Pacific Partnership (TPP), and supporters of a deal say that countries negotiating with Washington want to be sure that concessions they make will not unravel during ratification in Congress.
U.S. Treasury Secretary Jack Lew said consultations with other TPP countries showed they would never sign up to rules that risk constraining central banks, whose easy money policies to stimulate growth can help to weaken currencies.
"Seeking enforceable currency provisions would likely derail the conclusion of the TPP given the deep reservations held by our trading partners," Lew wrote in a letter to senior lawmakers.
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Read more: http://www.reuters.com/article/2015/04/21/us-usa-trade-idUSKBN0NC1Z220150421
5 replies
= new reply since forum marked as read
= new reply since forum marked as read
can never be held legally or environmentally responsible. More of T
HAT, please, Tx Obama.
Love TEPCO & BP, we need more disaster, less regulation & law.
