WASHINGTON — House Ways and Means Committee Chairman Paul Ryan (R-WI) released the following statement today about the Senate amendment to trade promotion authority (TPA) legislation that would require trade agreements to include provisions triggering retaliatory duties in response to perceived currency manipulation.
“Currency manipulation is real. The question is not whether we address it, but how. And this amendment would lead to a currency war, undermine our independence in monetary policy, and threaten our standing as the world’s reserve currency. It would also kill any potential trade agreements because no nation would agree to these conditions. This amendment is not only a poison pill for TPA, but also our entire trade agenda. That’s why the Treasury Department has recommended a veto of TPA if the amendment is adopted, and why I’m so firmly opposed to it. The better approach is the one offered by Senators Hatch and Wyden, which ensures that the administration will use its tools to rein in currency manipulation. We can and must deal with this problem, but we shouldn’t kill TPA and future trade agreements in the process.”