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Trump to 'set hard NAFTA currency rule then apply it to others'
THE US Government is pressing for an end to currency manipulation in the North American Free Trade Agreement between itself, Canada and Mexico, says Bloomberg.
This has less to do with America's immediate neighbours, which are not accused of such practices, but rules established and accepted for NAFTA will be more easily applied to the world.
Bloomberg says a more credible target is South Korea, long suspected as a currency manipulator.
The US Treasury Department said in April the country meets two of the three criteria of a full-fledged currency manipulator.
Any currency provision agreed to in the NAFTA negotiations could serve as a template for a revamping of the 2012 US-Korea Free Trade Agreement that President Donald Trump has pressed for.
Talks are likely to occur later this year or next, and the FTA will probably come up during South Korean President Moon Jae-in's visit to the White House later this month.
South Korean policy makers deny any accusation of currency manipulation, saying they only step into the foreign-exchange market to ensure financial stability.
Trade experts such as Wendy Cutler, who was the chief US negotiator of the FTA, say there's no easy solution on the currency question, as it's difficult to design and agree on a provision that either side could enforce when rules are broken.
This has less to do with America's immediate neighbours, which are not accused of such practices, but rules established and accepted for NAFTA will be more easily applied to the world.
Bloomberg says a more credible target is South Korea, long suspected as a currency manipulator.
The US Treasury Department said in April the country meets two of the three criteria of a full-fledged currency manipulator.
Any currency provision agreed to in the NAFTA negotiations could serve as a template for a revamping of the 2012 US-Korea Free Trade Agreement that President Donald Trump has pressed for.
Talks are likely to occur later this year or next, and the FTA will probably come up during South Korean President Moon Jae-in's visit to the White House later this month.
South Korean policy makers deny any accusation of currency manipulation, saying they only step into the foreign-exchange market to ensure financial stability.
Trade experts such as Wendy Cutler, who was the chief US negotiator of the FTA, say there's no easy solution on the currency question, as it's difficult to design and agree on a provision that either side could enforce when rules are broken.
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