CPA praised the US Senate's overwhelmingly positive vote today to curb currency manipulation by foreign countries through the imposition of countervailing duties.
A veto-proof majority of Senators approved the bill, entitled the Trade Facilitation and Trade Enforcement Act of 2015 (S 1269), by a vote of 78-20.
"Our domestic producer members have worked long and hard to fix foreign currency manipulation that acts as a tariff and an export subsidy," said Michael Stumo. "We appreciate the hard work of Senators Brown, Graham, Schumer, Burr and others to push this bill forward. We urge the House to fully debate and pass the bill as well. The bill also includes important provisions to combat duty evasion and improve trade enforcement remedies."
However, CPA is disappointed that the Senate voted today to begin debate on the Fast Track trade authority bill. Two days after a cloture vote prevented Fast Track debate, a Senate leadership deal was struck. The result was a 65-33 vote to proceed to debate the Fast Track trade authority bill. The bill would continue US unilateral trade disarmament and would aid and abet foreign mercantilist and cheating practices.
"CPA does not support Congress delegating its constitutional power over international commerce to the President without clear and mandatory objectives to balance trade," continued Stumo. "We urge policy makers to focus upon achieving net exports rather than merely gross exports. This requires a focus upon new foreign mercantilist and cheating practices that replace any trade concessions they may have made."
CPA will continue to support the Trade Facilitation and Trade Enforcement Act (S 1269) and net exports. However, we continue to oppose the separate Fast Track trade authority bill.