World Economy

Currency Squabbles

Currency SquabblesCurrency Squabbles

The Obama administration is working hard to make new trade deals, such as the Trans-Pacific Partnership with 11 Pacific nations. But getting those deals signed by trading partners and approved in Congress will mean resolving many differences, including one over how nations manage their currencies, VoA reported. Protesters from US trade unions and other free-trade skeptics say some nations manipulate the value of their currencies to give their exports an unfair price advantage on world markets, hurting American workers. Senator Chuck Schumer, a New York Democrat, said Washington must do more to protect American workers.”It’s estimated that millions of jobs have gone away” because of trade issues, he said.