Lawmakers and U.S. stakeholders who are pressing for the Trans-Pacific Partnership (TPP) to include strong, enforceable currency rules were further galvanized last week by Vietnam's devaluation of its currency in an effort to stem the impact of China's decision earlier this month to devalue the renminbi (RMB) relative to the U.S. dollar. These critics of the administration's currency policies alleged that the Aug. 19 devaluation by Vietnam, as well as the depreciation of currencies in Asia-Pacific countries since China's first RMB devaluation on Aug. 11, constitute a "domino effect" of Beijing's action that will hurt U.S. industry and workers. Among those using the Vietnam devaluation to highlight the need for enforceable TPP currency rules to protect U.S. jobs in industries and the farm economy were AFL-CIO President Richard Trumka, Rep. Debbie Dingell (D-MI), the National Farmers Union (NFU) and Rep. Rosa DeLauro (D-CT).
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