For Immediate Release August 21, 2015 Contact: Josh Goldstein 202-637-5018
Vietnam’s Currency Devaluation Further Exposes Trade Policy Failures
Statement by AFL-CIO President Richard Trumka on the devaluation of Vietnam’s currency:
Vietnam’s currency devaluation is a predictable response to China’s action last week and further proof of the United States Trade Representative’s failure to negotiate trade agreements that protect American workers and jobs. Instead of negotiating rules to prevent unfair currency manipulation, the USTR has helped off-shorers by leaving currency rules out of the proposed Trans-Pacific Partnership. And several other TPP countries’ currencies – the Australian and New Zealand dollars and the Malaysian ringgit – are also down against the U.S. dollar since the Chinese government’s actions last week. But the TPP isn’t done. It’s time for USTR to admit its mistake and make sure the TPP includes enforceable currency rules that protect and support America’s working families.