WASHINGTON — The White House confirmed Thursday that President Barack Obama will a broad trade bill that includes a provision — co-authored by U.S. Sen. Michael Bennet, D-Colo. — that bolsters the ability of the U.S. to fight currency manipulation by countries such as China.
The underlying measure passed the Senate 75-20 , and it includes a raft of similar measures intended to help U.S. companies compete on a global stage, such as the creation of a new early warning system designed to detect surges from unfair trade, according to a .
The Bennet piece of the legislation, which was co-sponsored by U.S. Sens. Orrin Hatch, R-Utah, and Tom Carper, D-Del., requires U.S. officials to first negotiate with countries found to be artificially affecting the value of their currency, often by buying or selling foreign currency to affect the global exchange rate. If that doesn t work, the bill outlines a series of punitive steps — such as blocking the offending country from future trade agreements.
Currency manipulators illegally make overseas goods cheaper and exports from Colorado less attractive on the global markets, said Bennet in a statement. Our measure puts in place strong tools that allows the United States to fight back.
In a statement, the White House to how the bill provided unprecedented new tools to address unfair currency practices.
