Jiji PressWASHINGTON (Jiji Press) — U.S. Treasury Secretary Steven Mnuchin said Saturday that any U.S. trade agreement with Japan should include a provision to prevent competitive currency devaluations.
The comments by Mnuchin signaled that Washington will put pressure on Tokyo to ensure that Japan does not guide the yen lower against the dollar to increase exports.
One of the U.S. priorities is that countries “don’t in any way manipulate their currency for purposes of competitive advantages,” Mnuchin told reporters.
Mnuchin also called for rules to be established to ensure transparency in currency interventions.
Mnuchin made the comments before Japan and the United States begin two days of trade talks in Washington on Monday.
“I think we’ll want to make sure whatever trade agreements there are, that there are currency provisions that reflect that in the agreement” similar to a revised U.S. trade agreement with Canada and Mexico, Mnuchin said.
Asked if there will be discussions at the trade talks about possible quotas for Japanese auto exports to the United States, Mnuchin said, “I don’t think I have not heard of any such demand going into this.” He also said no deadline for a deal has been set, saying, “I don’t think we’ve set any parameters for a conclusion yet.”Speech