Orrin Hatch: “I want to take some time today to talk about proposals to include a currency manipulation negotiating objective in trade…”

“I want to take some time today to talk about proposals to include a currency manipulation negotiating objective in trade negotiations and the impact this issue is having on the debate over renewing trade promotion authority, or TPA. Currency manipulation has, for many, become the primary issue in the TPA debate. It has certainly gotten the focus of the media and other outside observers. Indeed, I suspect that everyone who has an interest in the outcome of the TPA debate--both for and against--is watching closely to see how the Senate will address this particular matter. Let me begin by saying that I recognize the frustrations many have regarding exchange rate policies of some of our trading partners, and I have committed to working with my colleagues to arrive at ways to improve currency surveillance and mechanisms for responding to problems. However, I want to be as plain as I can on this issue. While currency manipulation is an important issue, it is inappropriate and counterproductive to try to solve this problem solely through free-trade agreements. Nonetheless, I do not believe we should ignore currency manipulation, which is why, for the very first time, our TPA bill would elevate currency practices to a principal negotiation objective. Now, let's get that. For the first time in any trade bill, we elevate currency practices to a principal negotiation objective. We thought that would solve the problem.…”