AISI Urges Congressional Support for Effort to Include Currency Undervaluation in TPP Discussions

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For Immediate Release
June 6, 2013

WASHINGTON, D.C. – As part of robust and continued advocacy to ensure fair trade practices for American manufacturing, the American Iron and Steel Institute (AISI) today urged the Administration to adopt recommendations made in a bipartisan letter signed by a majority of lawmakers in the House of Representatives – being sent to President Obama today – requesting that currency disciplines be included in the Trans-Pacific Partnership (TPP) trade agreement.   226 Members of Congress signed the letter, spearheaded by Reps. Michaud (D-ME), Crawford (R-AR), Dingell (D-MI) and Graves (R-MO).

"Currency manipulation is one of the most destructive trade-distorting practices used today by countries to gain an unfair competitive advantage for their exports.  As a result, it is critical that a model high-standard 21st century trade agreement include provisions prohibiting currency manipulation,” said AISI president and CEO, Thomas J. Gibson.  “This is ever more important with the Administration’s recent announcement to include Japan in the TPP negotiations given the historically closed nature of the Japanese auto market and Japan’s recent actions to substantially weaken its currency.  We greatly appreciate the commitment of over half of the Members of the House  to highlight the need for future trade agreements to ensure a true level playing field for domestic manufacturers by addressing currency manipulation.  We look forward to working with them and the Administration as these discussions continue."

Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

Read the full letter to President Obama here.

Click here for a PDF version of this release.

AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice.  AISI also plays a lead role in the development and application of new steels and steelmaking technology.  AISI is comprised of 24 member companies, including integrated and electric furnace steelmakers, and 125 associate members who are suppliers to or customers of the steel industry.  AISI’s member companies represent over three quarters of both U.S. and North American steel capacity.  For more news about steel and its applications, view AISI’s website at www.steel.org