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Triana

(22,666 posts)
Tue Apr 21, 2015, 09:20 AM Apr 2015

White House Said to Oppose Trade Rules Sought by Democrats

U.S. President Barack Obama will oppose an effort by prominent Senate Democrats to amend a proposed fast-track trade bill with provisions punishing countries for manipulating their exchange rates.

The rules could imperil the administration’s ability to create jobs and protect the economy, according to a White House official who spoke on condition of anonymity.

Charles Schumer, in line to become the Senate’s Democratic leader in 2017, and Democratic Senator Sherrod Brown, have said they want to add enforceable currency manipulation rules. Supporters of the change, particularly those in the auto and steel industries, argue currency manipulation has led to job losses in American manufacturing.

The proposed rules, which could link currency manipulation to higher tariffs on imports, may provoke opposition from other countries the administration is courting as part of the Trans-Pacific Partnership free-trade talks. Obama has made the trade deal a top priority for his second term, and is pressing Congress to approve fast-track trade legislation to help him secure the TPP.

The official said the White House also opposes amendments to address currency manipulation using trade remedies, which allow the U.S. to impose duties against producers selling below market prices or receiving illegal subsidies. The remedies would be difficult to administer and raise questions of consistency with existing international obligations, according to the administration.


THE REST:

http://www.bloomberg.com/politics/articles/2015-04-21/white-house-said-to-oppose-trade-rules-sought-by-democrats
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