Above, 11/6/16, Trump rally, Moon Twp., Pa., "Almost 2 hours after the Trump rally was supposed to start and the crowd is still amped. Lisa Wardle
Verified account
@LisaJWardle" Penn Live reporter. Location: Moon Township, Western Pennsylvania, Atlantic Aviation hangar
Above, 11/6/16, Trump rally in Moon Township, Pa., "Fourth campaign stop of the day - Trump takes the stage in Moon Township, Pennsylvania, Chris Snyder
@ChrisSnyderFox
3 hours ago"
Above, 11/6/16, Trump rally in Moon Township, Pa., Overflow crowd outside the hangar, "Trump rallies supporters in Moon Township," photo, Marina Weis, The Times
Above, 11/6/16, "Fire marshal wouldn't allow any more supporters inside Atlantic Aviation hangar. Estimates about 9,000 inside. Lisa Wardle Verified account
Above, 11/6/16, "What an incredible crowd. You know, there's still thousands waiting to get in." - Rep. Tim Murphy at Trump rally. Lisa Wardle Verified account
Allegheny County, Pennsylvania
===============
Trump June 28, 2016 speech in Monessen, Pa.: First 7 steps to return jobs to the US (full transcript posted below). Please note, he references factors that aren't being addressed by anyone: 1. Significant portions of existing US trade agreements simply aren't being enforced. 2. The US allows multiple countries with which it trades to engage in massive currency manipulation. This alone costs millions of US jobs every year: ("Currency-manipulation-fueled trade deficits have reduced U.S. gross domestic product (GDP), eliminated millions of U.S. jobs, driven down U.S. wages, and propelled the outsourcing of U.S. jobs to currency manipulators.
Many members of the proposed TPP, including Malaysia, Singapore, and Japan, are known currency manipulators. Others, namely Vietnam, appear to be following the lead of currency manipulators by, for example, acquiring excess foreign exchange reserves to depress the value of their currency. Currency manipulation explains a substantial share of the large, persistent U.S. trade deficit with the 11 other TPP countries that has not only cost millions of U.S. jobs but also increased income inequality and put downward pressure on American wages. We can’t afford a trade agreement that not only allows but would intensify these harmful trends.")
Trump: "Here are 7 steps I would pursue right away to bring back our jobs.
One: I am going to withdraw the United States from the Trans-Pacific Partnership, which has not yet been ratified.
..............
Two: I'm going to appoint the toughest and smartest trade negotiators to fight on behalf of American workers.
.........
Three: I'm going to direct the Secretary of Commerce to identify every violation of trade agreements a foreign country is currently using to harm our workers. I will then direct all appropriate agencies to use every tool under American and international law to end these abuses.
........
Four: I'm going tell our NAFTA partners that I intend to immediately renegotiate the terms of that agreement to get a better deal for our workers. And I don't mean just a little bit better, I mean a lot better. If they do not agree to a renegotiation, then I will submit notice under Article 2205 of the NAFTA agreement that America intends to withdraw from the deal.
............
Five: I am going to instruct my Treasury Secretary to label China a currency manipulator. Any country that devalues their currency in order to take advantage of the United States will be met with sharply.
..........
Six: I am going to instruct the U.S. Trade Representative to bring trade cases against China, both in this country and at the WTO. China's unfair subsidy behavior is prohibited by the terms of its entrance to the WTO, and I intend to enforce those rules. 121, 122
.....
Seven: If China does not stop its illegal activities, including its theft of American trade secrets, I will use every lawful presidential power to remedy trade disputes, including the application of tariffs consistent with Section 201 and 301 of the Trade Act of 1974 and Section 232 of the Trade Expansion Act of 1962. 123, 124"
How it happened:
"America changed its policy from promoting development in America, to promoting development in other nations.
We allowed foreign countries to subsidize their goods, devalue their currencies, violate their agreements, and cheat in every way imaginable. 45, 46, 47
Trillions of our dollars and millions of our jobs flowed overseas as a result. 48"
..............
Trump admitted that in the past he took advantage of globalization, but saw that it wrecked our country: "Trump said globalization made a number of politicians very wealthy, confessing that he used to be one of them."
------------------
Posted below, transcript of 6/28/16 Trump speech on trade reform, "the quickest way to bring our jobs back," in Monessen, Pennsylvania includes 128 footnotes. Footnotes are numbered below, text of footnotes at link.
6/28/16, "Declaring America's Economic Independence," Donald J. Trump speech, Monessen, Pennsylvania
--------------------------
6/29/16, "Trump outlines economic plan in Monessen speech," Herald-Standard, Christine Haines, Monessen, Pa.
"Presumptive Republican presidential nominee Donald Trump Tuesday (June 28) offered an invited audience of 250 supporters a vision of the Mon Valley that once again includes manufacturing jobs--if he is elected president.
“I want you to imagine a much better life, and a life where you can have the American dream again,” Trump said.
“The Pittsburgh region played a crucial role in building our nation,” Trump said. “Our workers’ loyalty was repaid with betrayal.”
Trump said globalization made a number of politicians very wealthy, confessing that he used to be one of them.
Trump called for strict enforcement of existing trade laws to give America economic independence, saying it was the North American Free Trade Agreement (NAFTA) approved in the 1990s that helped bring about the end of American jobs.
Emily Zboyovsky of Monessen attended Tuesday’s policy speech along with her two grandsons, who are in high school and college.
“What he said, I thought of it in the 1990s when it happened. Everybody tells me I’m wrong,” Zboyovsky said.
“Many of these areas have never recovered and never will, unless I become president,” Trump said. “Skilled craftsmen and factory workers have seen their jobs shipped thousands of miles away.
“Trade reform…is the quickest way to bring our jobs back to our country,” Trump said.
Fayette County Republican committeeman Gary Colatch said he’s liked what he’s seen of the Trump campaign.
Four years ago I said if that man ran for president, I’d do anything I can to get him elected,” Colatch said.
In addition to the invited guests, another 40 or 50 supporters stood outside Alumisource where Trump was speaking, hoping to catch a glimpse of the candidate as he arrived or left.
“I expected to be one of thousands here,” said Cathy Ruscitto of Scenery Hill. “I didn’t know it was invitation only. We’re going to stand outside if we can’t get in. We are anxious to hear his message.”
Trump accused his Democratic opponent Hillary Clinton of betraying the American worker her entire career, supporting trade agreements that favor foreign countries while hampering American businesses.
“We do not need to enter into another international trade agreement that ties us down and binds us up,” Trump said, calling for the United States to withdraw from the Trans-Pacific Partnership, which has not yet been ratified.
Withdrawing from the TTP was one of seven steps Trump outlined as part of his policy if elected.
“The era of economic surrender will finally be over,” Trump said.
Trump said he wants to identify violators of trade agreements and would tell the NAFTA partners that he wants to renegotiate that pact.
“Hillary Clinton wants to shut down energy production and shut down the mines, and she said it just recently, she wants to shut down the miners. I want to do exactly the opposite,” Trump said.
“The Trump administration will also ensure that we start using American steel for American infrastructure. It will be American steel that will fortify American bridges. It will be American steel that sends our skyscrapers soaring, soaring into the sky, a beautiful sight. It will be American steel that rebuilds our inner cities. It will be American hands that remake this country and it will be American energy mined from American resources that powers this country.”
Former presidential candidate Rick Santorum was present for Trump’s speech and said while there are still areas where he differs with Trump, Tuesday’s message was not one of them.
“I thought it was a new message and the right message,” Santorum said. “This is the first nominee in a long time who has focused on enforcing our trade laws.”
While Trump was stumping in Monessen, U.S. Senator Bob Casey, D-Scranton, put out a release condemning Trump’s policies.
“Pennsylvania cannot risk the massive job loss that would happen if Donald Trump is elected president and his policies are enacted into law,” Casey said in the release.
Santorum noted that Pennsylvania jobs have already been lost.
“Maybe he should come to the Mon Valley and take a look,” Santorum said of Casey.
Trump’s visit to Monessen had a historic element, being one of the few times a presidential candidate or president has appeared in the Mon Valley.
Then-Vice President Al Gore, the presumptive Democratic Party nominee for president, spoke during a ceremony in downtown Elizabeth on Memorial Day in 2000.
His wife, Tipper Gore, spoke during a rally in Chess Park in Monongahela in October 2000.
Monessen hosted a visit in 1962 by then-President John Kennedy. Kennedy spoke before an estimated crowd of 25,000
during a midterm campaign stop. That speech was made on a stage at Sixth Street and Donner Avenue, just blocks away from Trump’s address on Tuesday.
California Borough council member Ryan Encapera, a Republican, who was in the audience for the Trump event Tuesday, said his great-uncle Nick Encapera was Kennedy’s driver when he visited Monessen more than 50 years ago. Encapera is also a ninth grade civics teacher and saw Tuesday as an great opportunity to share with his students and to be a part of the regional history as his great uncle was.
Not everyone in the audience was a Republican, however. Donora Mayor Don Pavelko is a Democrat who got an invitation to the event through his police superintendent.
“We finally have somebody who is showing some interest in the Mon Valley and I’m here to see what Mr. Trump will do for Donora and the Mon Valley. The valley has been a abandoned stepchild for years. It’s about time somebody showed they’re thinking of us,” Pavelko said."
................................
Posted below, transcript of 6/28/16 Trump speech on trade reform, "the quickest way to bring our jobs back," in Monessen, Pennsylvania includes 128 footnotes. Footnotes are numbered below, text of footnotes at link.
6/28/16, "Declaring America's Economic Independence," Donald J. Trump speech, Monessen, Pennsylvania
=================
Donald Trump Position: Reforming the U.S. China trade relationship to make America great again
==================
Added:
"If Trump is to carry Pennsylvania, Monessen is the kind of Democratic town he must win in November. In fact, he was invited to town by Democratic Mayor Louis Mavrakis."...
6/28/16, "Trump Delivers Policy Speech In Monessen," CBS Pittsburgh, Jon Delano
........
"Donald Trump told Mon Valley workers that he, and not Hillary Clinton, could negotiate and enforce stronger trade deals that would restore hard hit towns like Monessen.
“Our politicians have aggressively pursued a policy of globalization, moving our jobs, our wealth and our factories to Mexico and overseas,” he said.
Trump outlined a seven-point plan to restore America’s trade position and blamed the Clintons for NAFTA and other bad trade deals.
“She has it completely backwards,” he said. “Hillary Clinton unleashed a trade war against the American worker when she supported one terrible deal after another. From NAFTA to China to South Korea, it doesn’t matter, no matter where she went, the American worker was hurt.”
Trump pledged to stand up for American workers and the American steel industry.
“It will be American steel that sends our skyscrapers soaring, soaring into the sky,” he said.
If Trump is to carry Pennsylvania, Monessen is the kind of Democratic town he must win in November.
In fact, he was invited to town by Democratic Mayor Louis Mavrakis, who is upset with President Barack Obama.
Monessen was once a town with a population of about 20,000 people. However, that number has dwindled to 7,700 residents due in large part to the Wheeling-Pittsburgh mill closure."...
================
----------------------
Transcript of Trump speech on trade reform, "the quickest way to bring our jobs back," in Monessen, Pennsylvania includes 128 footnotes. Footnotes are numbered below, text of footnotes at link.
6/28/16, "Declaring America's Economic Independence," Donald J. Trump speech, Monessen, Pennsylvania
"It is great to be here. I'd like to thank Alumisource and all the amazing workers here for hosting us.
Today, I am going to talk about how to Make America Wealthy Again.
We are thirty miles from Steel City. Pittsburgh played a central role in building our nation.
The legacy of Pennsylvania steelworkers lives in the bridges, railways and skyscrapers that make up our great American landscape.
But our workers' loyalty was repaid with betrayal. 1, 2
Our politicians have aggressively pursued a policy of globalization-moving our jobs, our wealth and our factories to Mexico and overseas. 3, 4
Globalization has made the financial elite who donate to politicians very wealthy. But it has left millions of our workers with nothing but poverty and heartache. 5, 6, 7, 8
When subsidized foreign steel is dumped into our markets, threatening our factories, the politicians do nothing.
For years, they watched on the sidelines as our jobs vanished and our communities were plunged into depression-level unemployment.
Many of these areas have still never recovered. 12, 13, 14, 15
Our politicians took away from the people their means of making a living and supporting their families.
Skilled craftsmen and tradespeople and factory workers have seen the jobs they loved shipped thousands of miles away. 16
Many Pennsylvania towns once thriving and humming are now in a state despair. 17, 18, 19, 20
This wave of globalization has wiped out our middle class. 21, 22
It doesn't have to be this way. We can turn it all around - and we can turn it around fast.
But if we're going to deliver real change, we're going to have to reject the campaign of fear and intimidation being pushed by powerful corporations, media elites, and political dynasties.
The people who rigged the system for their benefit will do anything - and say anything - to keep things exactly as they are.
The people who rigged the system are supporting Hillary Clinton because they know as long as she is in charge nothing will ever change. 23
The inner cities will remain poor. 24
The factories will remain closed. 25, 26, 27, 28, 29
The borders will remain open. 30, 31, 32, 33, 34, 35, 36
The special interests will remain firmly in control.
Hillary Clinton and her friends in global finance want to scare America into thinking small - and they want to scare the American people out of voting for a better future. 37, 38, 39
My campaign has the opposite message.
I want you to imagine how much better your life can be if we start believing in America again.
I want you to imagine how much better our future can be if we declare independence from the elites who've led us to one financial and foreign policy disaster after another. 40, 41, 42
Our friends in Britain recently voted to take back control of their economy, politics and borders.
I was on the right side of that issue - with the people - while Hillary, as always, stood with the elites, and both she and president Obama predicted that one wrong.
Now it's time for the American people to take back their future.
That's the choice we face. We can either give in to Hillary Clinton's campaign of fear, or we can choose to Believe In America.
We lost our way when we stopped believing in our country.
America became the world's dominant economy by becoming the world's dominant producer.
The wealth this created was shared broadly, creating the biggest middle class the world had ever known. 43, 44
.....
But then America changed its policy from promoting development in America, to promoting development in other nations.
We allowed foreign countries to subsidize their goods, devalue their currencies, violate their agreements, and cheat in every way imaginable. 45, 46, 47
Trillions of our dollars and millions of our jobs flowed overseas as a result. 48
I have visited cities and towns across this country where a third or even half of manufacturing jobs have been wiped out in the last 20 years. 49, 50, 51
Today, we import nearly $800 billion more in goods than we export. 52
This is not some natural disaster. It is politician-made disaster. 53
It is the consequence of a leadership class that worships globalism over Americanism. 54, 55
This is a direct affront to our Founding Fathers, who wanted America to be strong, independent and free. 56
Our Founding Fathers Understood Trade
George Washington said that "the promotion of domestic manufactur[ing] will be among the first consequences to flow from an energetic government.” 57
Alexander Hamilton spoke frequently of the "expediency of encouraging manufactur[ing] in the United States." 58
The first Republican President, Abraham Lincoln, warned that:
"The abandonment of the protective policy by the American government…must produce want and ruin among our people."59 ...........
Our original Constitution did not even have an income tax. Instead, it had tariffs - emphasizing taxation of foreign, not domestic, production. 60
..........
Yet today, 240 years after the Revolution, we have turned things completely upside-down. ..........
We tax and regulate and restrict our companies to death, then we allow foreign countries that cheat to export their goods to us tax-free. 61, 62, 63
As a result, we have become more dependent on foreign countries than ever before. 64
Ladies and Gentlemen, it’s time to declare our economic independence once again. 65
..........
That means reversing two of the worst legacies of the Clinton years.
...........
America has lost nearly one-third of its manufacturing jobs since 1997 - even as the country has increased its population by 50 million people. 66, 67
........
At the center of this catastrophe are two trade deals pushed by Bill and Hillary Clinton. 68, 69, 70
.........
First, the North American Free Trade Agreement, or NAFTA.
.......
Second, China's entry into the World Trade Organization. NAFTA was the worst trade deal in history, and China's entrance into the World Trade Organization has enabled the greatest jobs theft in history. 71
It was Bill Clinton who signed NAFTA in 1993, and Hillary Clinton who supported it. 72, 73, 74
..........
It was also Bill Clinton who lobbied for China's disastrous entry into the World Trade Organization, and Hillary Clinton who backed that terrible agreement. 75, 76, 77, 78
.........
Then, as Secretary of State, Hillary Clinton stood by idly while China cheated on its currency, added another trillion dollars to our trade deficits, and stole hundreds of billions of dollars in our intellectual property. 79, 80, 81, 82
The city of Pittsburgh, and the State of Pennsylvania, have lost one-third of their manufacturing jobs since the Clintons put China into the WTO. 83, 84
Fifty thousand factories across America have shut their doors in that time. 85, 86
Almost half of our entire manufacturing trade deficit in goods with the world is the result of trade with China. 87, 88
It was also Hillary Clinton, as Secretary of State, who shoved us into a job-killing deal with South Korea in 2012.
As reported by the Economic Policy Institute in May, this deal doubled our trade deficit with South Korea and destroyed nearly 100,000 American jobs. 89, 90, 91, 92, 93, 94
As Bernie Sanders said, Hillary Clinton "Voted for virtually every trade agreement that has cost the workers of this country millions of jobs.” 95
......
Trade reform, and the negotiation of great trade deals, is the quickest way to bring our jobs back.
.....
To understand why trade reform creates jobs, we need to understand how all nations grow and prosper.
.......
Massive trade deficits subtract directly from our Gross Domestic Product.
........
From 1947 to 2001 - a span of over five decades - our inflation-adjusted gross domestic product grew at a rate of 3.5%. 96
...........
However, since 2002 - the year after we fully opened our markets to Chinese imports - that GDP growth rate has been cut almost in half. 97, 98
......
What does this mean for Americans? For every one percent of GDP growth we fail to generate in any given year, we also fail to create over one million jobs. 99
..........
America's "job creation deficit" due to slower growth since 2002 is well over 20 million jobs - and that's just about the number of jobs our country needs right now to put America back to work at decent wages. 100, 101
.........
The Transpacific-Partnership is the greatest danger yet.
The TPP would be the death blow for American manufacturing. 102
.........
It would give up all of our economic leverage to an international commission that would put the interests of foreign countries above our own. 103
It would further open our markets to aggressive currency cheaters. 104, 105
It would make it easier for our trading competitors to ship cheap subsidized goods into U.S. markets - while allowing foreign countries to continue putting barriers in front of our exports. 106, 107
.......
Mark my words, China will enter the TPP through the back door at a later date. 108, 109, 110
........
That's not all. Mark my words, China will be in this deal at a later date, if we don't stop it-they will come in through the back door. 111
.........
The TPP would lower tariffs on foreign cars, while leaving in place the foreign practices that keep American cars from being sold overseas. The TPP even created a backdoor for China to supply car parts for automobiles made in Mexico.
The agreement would also force American workers to compete directly against workers from Vietnam, one of the lowest wage countries on Earth. 112
........
Not only will the TPP undermine our economy, but it will undermine our independence. 113
..........
The TPP creates a new international commission that makes decisions the American people can't veto. 114
These commissions are great Hillary Clinton’s Wall Street funders who can spend vast amounts of money to influence the outcomes. 115 It should be no surprise then that Hillary Clinton, according to Bloomberg, took a “leading part in drafting the Trans-Pacific Partnership.” 116
...........
She praised or pushed the TPP on 45 separate occasions, and even called it the “gold standard”. 117
..........
Hillary Clinton was totally for the TPP just a short while ago, but when she saw my stance, which is totally against, she was shamed into saying she would be against it too – but have no doubt, she will immediately approve it if it is put before her, guaranteed. 118
...........
She will do this just as she has betrayed American workers for Wall Street throughout her career. 119
.........
Here’s how it would go: she would make a small token change, declare the pact fixed, and ram it through.
...........
That’s why Hillary is now only saying she has problems with the TPP “in its current form,” – ensuring that she can rush to embrace it again at her earliest opportunity. 120
If the media doesn’t believe me, I have a challenge for you. Ask Hillary Clinton if she is willing to withdraw from the TPP her first day in office and unconditionally rule out its passage in any form.
.......
There is no way to “fix” the TPP. We need bilateral trade deals. We do not need to enter into another massive international agreement that ties us up and binds us down.
.......
A Trump Administration will change our failed trade policy - quickly
..........
Here are 7 steps I would pursue right away to bring back our jobs.
...........
One: I am going to withdraw the United States from the Trans-Pacific Partnership, which has not yet been ratified.
..............
Two: I'm going to appoint the toughest and smartest trade negotiators to fight on behalf of American workers.
.........
Three: I'm going to direct the Secretary of Commerce to identify every violation of trade agreements a foreign country is currently using to harm our workers. I will then direct all appropriate agencies to use every tool under American and international law to end these abuses.
........
Four: I'm going tell our NAFTA partners that I intend to immediately renegotiate the terms of that agreement to get a better deal for our workers. And I don't mean just a little bit better, I mean a lot better. If they do not agree to a renegotiation, then I will submit notice under Article 2205 of the NAFTA agreement that America intends to withdraw from the deal.
............
Five: I am going to instruct my Treasury Secretary to label China a currency manipulator. Any country that devalues their currency in order to take advantage of the United States will be met with sharply.
..........
Six: I am going to instruct the U.S. Trade Representative to bring trade cases against China, both in this country and at the WTO. China's unfair subsidy behavior is prohibited by the terms of its entrance to the WTO, and I intend to enforce those rules. 121, 122
.....
Seven: If China does not stop its illegal activities, including its theft of American trade secrets, I will use every lawful presidential power to remedy trade disputes, including the application of tariffs consistent with Section 201 and 301 of the Trade Act of 1974 and Section 232 of the Trade Expansion Act of 1962. 123, 124
.........
President Reagan deployed similar trade measures when motorcycle and semiconductor imports threatened U.S. industry.
His tariff on Japanese motorcycles was 45% and his tariff to shield America’s semiconductor industry was 100%. 125, 126 ........
Hillary Clinton, and her campaign of fear, will try to spread the lie that these actions will start a trade war. She has it completely backwards.
Hillary Clinton unleashed a trade war against the American worker when she supported one terrible trade deal after another– from NAFTA to China to South Korea.
A Trump Administration will end that war by getting a fair deal for the American people.
The era of economic surrender will finally be over.
..........
A new era of prosperity will finally begin. America will be independent once more.
Under a Trump Presidency, the American worker will finally have a President who will protect them and fight for them.
We will stand up to trade cheating anywhere and everywhere it threatens an American job.
..........
We will make America the best place in the world to start a business, hire workers, and open a factory.
.........
This includes massive tax reform to lift the crushing burdens on American workers and businesses.
We will also get rid of wasteful rules and regulations which are destroying our job creation capacity.
Many people think that these regulations are an even greater impediment than the fact that we are one of the highest taxed nations in the world.
We are also going to fully capture America’s tremendous energy capacity. This will create vast profits for our workers and begin reducing our deficit. Hillary Clinton wants to shut down energy production and shut down the mines and miners. I want to do the exact opposite. 127
A Trump Administration will also ensure that we start using American steel for American infrastructure.
........
Just like the American steel from Pennsylvania that built the Empire State building. 128
......
It will be American steel that will fortify American's crumbling bridges.
........
It will be American steel that sends our skyscrapers soaring into the sky.
......
It will be American steel that rebuilds our inner cities.
........
It will be American hands that remake this country, and it will be American energy - mined from American resources - that powers this country.
.......
It will be American workers who are hired to do the job. We are going to put American-produced steel back into the backbone of our country. This alone will create massive numbers of jobs. .
On trade, on immigration, on foreign policy, we are going to put America First again.
........
We are going to make America wealthy again.
........
We are going to reject Hillary Clinton's politics of fear, futility, and incompetence.
......
We are going to embrace the possibilities of change.
.......
It is time to believe in the future.
.......
It is time to believe in each other.
........
It is time to Believe In America.
.........
This Is How We Are Going To Make America Great Again – For All Americans.
.......
We Are Going To Make America Great Again For Everyone – Greater Than Ever Before. Thank you."
......................
3/3/16, "Trans-Pacific Partnership, currency manipulation, trade, and jobs"
"U.S. trade deficit with the TPP countries cost 2 million jobs in 2015, with job losses in every state," Economic Policy Institute, by Robert E. Scott and Elizabeth Glass
"The Trans-Pacific Partnership (TPP) agreement between the United States and 11 other Pacific Rim countries lacks an absolutely key component to keep it from doing potential damage to the U.S. economy. The missing piece of this trade and investment deal is a set of restrictions and/or enforceable penalties against member countries that engage in currency manipulation. Currency manipulation is one of the key driving forces behind the high and rapidly rising U.S. trade deficit with the 11 other members of the TPP. In 2015, the U.S. deficit with TPP countries translated into 2 million U.S. jobs lost, more than half (1.1 million) of which were in manufacturing. Without such provisions against currency manipulation, the TPP could well follow other trade agreements and leave even greater U.S. trade deficits in its wake.
Currency manipulation occurs when a country artificially depresses the value of its currency. Currency manipulation acts like a subsidy to the exports of the manipulating country, and a tax on U.S. exports to every country where U.S. exports compete with the currency manipulator’s exports. In this way, currency manipulation increases U.S. imports, suppresses U.S. exports, and inflates U.S. trade deficits. As past EPI research has shown, currency-manipulation-fueled trade deficits have reduced U.S. gross domestic product (GDP), eliminated millions of U.S. jobs, driven down U.S. wages, and propelled the outsourcing of U.S. jobs to currency manipulators.
Many members of the proposed TPP, including Malaysia, Singapore, and Japan, are known currency manipulators. Others, namely Vietnam, appear to be following the lead of currency manipulators by, for example, acquiring excess foreign exchange reserves to depress the value of their currency. Currency manipulation explains a substantial share of the large, persistent U.S. trade deficit with the 11 other TPP countries that has not only cost millions of U.S. jobs but also increased income inequality and put downward pressure on American wages. We can’t afford a trade agreement that not only allows but would intensify these harmful trends:"...
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