USW Calls EPI Report Clear and Convincing Evidence that Japanese Currency Manipulation Must be Addressed

PITTSBURGH, Feb. 4, 2015 /PRNewswire-USNewswire/ --United Steelworkers (USW) International President Leo W. Gerard issued this statement today following the release of a report by the Economic Policy Institute (EPI) that highlights the negative impact that the proposed Trans-Pacific Partnership (TPP) would have on U.S. jobs if currency manipulation is not addressed. The report, Currency Manipulation and the 896,000 U.S. Jobs Lost Due to the U.S.-Japan Trade Deficit, identifies the critical need to address this issue.

"Today's report is a wakeup call to negotiators who have ignored the majority in Congress urging strong action to combat currency manipulation. EPI's report demonstrates how Japanese currency manipulation must be addressed. Otherwise there is no hope that the TPP won't simply perpetuate current trade policies that result in jobs shipped offshore and increased income inequality here at home.

"EPI's report documents that every state has suffered job losses as a result of Japan's currency manipulation. In congressional districts all across the country, workers see how the failure to address this problem has cost them, their families and communities. Unfortunately, as the Administration continues to ignore the issue, job losses mount.

"Blind adherence to free trade ideology may be popular in academia, but it's toxic on factory floors. The impact of currency manipulation on Americans cannot be understated. In recent weeks, economists across the political spectrum have called for action. The question remains: Why won't the Administration include strong and enforceable disciplines against foreign currency manipulation?

"The USW has fought against currency manipulation by China, Japan and other countries. As our trading partners see the Administration's refusal to act, they increasingly use currency manipulation as a sledgehammer against America's economic interests. The result is shuttered factories and shattered dreams.

"Without question, a strong currency discipline in the TPP, coupled with provisions allowing the private sector to seek relief when their government fails to take action, is required."

The USW represents 850,000 workers in North America employed among industries that include metals, rubber, chemicals, paper, oil refining, plus the service and public sectors. For more information: http://www.usw.org/

CONTACTS: Wayne Ranick (412) 562-2444 
[email protected]

Gary Hubbard (202) 256-8125
[email protected]

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SOURCE United Steelworkers (USW)

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