The Trans-Pacific Partnership (TPP) did not deliver strong disciplines against unfair currency practices because other countries would not have signed on to a TPP with such sanctions. Nonetheless, the TPP could still provide important leadership against the trade distorting effects of artificially low exchange rates. Congress will be analyzing the agreement for its ability to discourage currency manipulation and will focus on how the “Joint Declaration of the Macroeconomic Policy Authorities of TPP Countries” will be implemented.
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Authors: THE DIPLOMAT