The Trans-Pacific Partnership is about to be finalized. Or is it?
The U.S. Trade Representative and trade ministers from the 11 other nations in the Trans-Pacific Partnership agreement are about to leave for their weekend meeting in Singapore, where they hope to be able to announce that a final deal on the controversial trade pact has been reached. But how close are countries to actually making a deal? Two days before the high-level meeting is set to begin, Members of Congress have spoken out about their bottom-lines for the pact and its many unresolved issues.
Yesterday, in a telepresser hosted by the Sierra Club, five Members of Congress voiced their concerns over the looming trade pact. And they made one thing very clear: Congress has the final say if a trade deal is approved, and they aren’t prepared to accept just any trade agreement.
Congresswoman Rosa DeLauro of Connecticut addressed currency manipulation, the process by which countries reduce the value of their currency in order to encourage exports.
"Currency manipulation has expanded the U.S. trade deficit and cost us jobs," she said. "Several countries involved in the TPP negotiations have a history of or are currently manipulating their exchange rates to promote their exports at the expense of American workers....Any deal announced that does not address this issue is not a deal in the eyes of Congress, which has the final say when it comes to trade."