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U.S. lawmakers introduce bills against currency manipulation for trade deals

Xinhua, February 11, 2015 Adjust font size:

U.S. lawmakers introduced legislation against currency manipulation in trade deals both in the Senate and the House on Tuesday, which may affect the current U.S. trade negotiations with Asia and Europe.

The bill of Currency Reform for Fair Trade Act introduced by a group of four representatives led by Representative Sandar Levin, a Michigan Democrat, includes rules against currency manipulation in the Trans-Pacific Partnership, a trade deal the United States has been negotiating with 11 trading partners for several years, according to Levin.

Six senators led by Senator Sherrod Brown, a Democrat from Ohio, also introduced a similar bill called Currency Undervaluation Investigation Act.

Brown said the new act would allow the United States to counter the economic harm to U.S. manufactures caused by some countries that manipulate their currencies.

Similar bills were introduced in 2010 and 2011 but did not get enough support to become law. Endi