Obama backs trade bill change stopping short of currency sanctions

The Obama administration supports an amendment to trade legislation that would improve scrutiny of currency policies but stops short of punishing currency manipulators with sanctions or duties, an official said on Wednesday. 

PHOTO: REUTERS

23 Apr7:08 AM

[WASHINGTON] The Obama administration supports an amendment to trade legislation that would improve scrutiny of currency policies but stops short of punishing currency manipulators with sanctions or duties, an official said on Wednesday. "The administration is supportive and thinks the amendment is constructive," said the official, who asked not to be named and said the change would be offered to an enforcement bill accompanying trade promotion authority legislation.

The amendment, drafted by Democratic Senators Michael Bennet and Tom Carper, would allow Treasury to take extra steps to make trading partners stop manipulating their currencies, including recommending restrictions on government purchases from nations deemed to be manipulators.

REUTERS