US Senators Doubtful on Japan TPP Deal

U.S. lawmakers provided a reality check Thursday to the Obama administration’s optimism overs its trade agenda following some progress in key negotiations with Japan.

The administration said last week it narrowed differences on access to Japan’s automobile and agriculture sectors. That is key to moving forward on a broader Pacific rim free trade pact.

But Democratic including Sen. Charles Schumer, told the administration’s top trade official that the 12-nation Trans-Pacific Partnership will not win congressional approval anyway, unless it also addresses alleged currency manipulation by Japan.

Trade Representative Michael Froman conceded at the hearing of the Senate Finance Committee that currency issues have not been discussed yet in TPP talks.

The committee’s top-ranking Republican Sen. Orrin Hatch questioned the president’s commitment to securing trade promotion authority. He said without it, the administration’s ambitious trade agenda “will almost certainly fail.”

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza