More and more public-interest organizations are organizing and denouncing the rigged fast-track approval process and TPP trade agreement. One after another, members of Congress are announcing opposition to fast track and demanding that trade problems like currency manipulation be covered by the TPP agreement.
Hundreds of members of Congress (from both parties!) are joining economists left and right to include an enforceable provision on currency manipulation in the TPP, but there are still some who argue that this rule isn't needed. That's why we put together this handy list of the top 10 facts you need to know about currency and the TPP. (Hint: It's about middle-class jobs).
The critical reason that Congress should take a pass on this much-too-late effort to address currency manipulation is that it would likely abort our chance for a really beneficial free-trade agreement with Pacific Rim nations, which would bring us must better access to many growing markets. If there were a good time to do this, it was many years ago.
The IMF Guidelines demonstrate that the United States is not manipulating its currency and would not be at risk of losing a dispute. The far greater risk is that more middle class jobs will be lost in the United States as a result of foreign governments' currency manipulation. We need strong and enforceable disciplines in TPP to help prevent that from happening.
America's workers deserve a government that will fight for them in the trade arena. And the Obama administration should act boldly, instead of offering more of the same. That won't happen, though, unless the White House pursues an aggressive trade agenda that places the focus squarely on lowering the trade deficit.