AISI reiterates call for strong currency policies in Trade Agreements

SEATTLE (Scrap Monster): The American Iron and Steel Association (AISI) reiterated its call for stronger currency manipulation policies in all future trade agreements including the Trans-Pacific Partnership (TPP). The steel body voiced the call during a joint press conference held by presidents of Steel, Textile and Auto industries at the State Capitol Building in Columbia.

"American manufacturers and their workers are under attack from surging imports benefitting from unfair trade practices – like currency manipulation," AISI President and CEO, Thomas J. Gibson said. "Currency manipulation is a threat to American jobs and economic growth. It is important that both Congress and the Administration develop disciplines that address this problem, including strong provisions in all future trade agreements."

He also said that recent economic studies have estimated that undervalued currencies resulting from intervention have caused an increase in the U.S. trade deficit of up to $500 billion per year.

The AISI along with other industry groups had written a letter addressed to Jack Lew, Treasury Secretary and Michael Froman, US Trade Representative, highlighting the harmful impacts of currency manipulation. Earlier this year, the members of the US House of Representatives and the US Senate had also sent a similar letter.