U.S. automakers on Thursday urged that rules against currency manipulation be included in a trade agreement being negotiated with Pacific Rim trading partners. The American Automotive Policy Council, which represents General Motors, Ford, and Chrysler, said countries signing the Pacific trade pact should commit to not manipulating their exchange rates to gain an unfair competitive advantage. U.S. automakers worry that Japanese competitors may gain an advantage in the U.S. market, especially if existing trade restrictions are loosened under the Trans-Pacific Partnership (TPP), which negotiators hope to finalize in coming months. "The final TPP agreement must include strong and enforceable currency disciplines that allow markets, and not government intervention, to set exchange rates," said council president Matt Blunt.
