DeLauro Statement on Vietnamese Devaluation of Currency

Statement

Congresswoman Rosa DeLauro released the following statement regarding the announcement that Vietnam has devalued their currency:

"Today we were reminded of the lengths that Vietnam, and other Asian countries including partners to the Trans-Pacific Partnership (TPP), will go to ensure that their goods are subsidized at the expense of American jobs. Just last week China disrupted trade flows throughout the entire region and across the globe through the single largest drop in their currency value in two decades. Yet both China and Vietnam will see their exports rise at the expense of American industry and workers.

"Let us be clear: currency manipulation is cheating, plain and simple. This cheating will only exacerbate our trade deficit and cost us jobs. The Economic Policy Institute is projecting that China's currency interventions will cost the United States at least 190,000 jobs.

"This is clear evidence of why a chapter on enforceable currency rules must be included in the text of the TPP, of which Vietnam is a member. Otherwise we will see time and again what we have seen over the past nine days: that when one country devalues its currency, it causes a domino effect throughout the region and American workers suffer the consequences.

"This Administration must not allow Vietnam and other nations to continue to game the system and destroy our manufacturing industry. Now is the time to take a stand and take action before more jobs leave our shores."

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