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World Bank..US to seek currency clause in talks with Japan

World Bank..US to seek currency clause in talks with Japan

Citizens Voice Tv(Mexico). US Treasury Secretary Steven Mnuchin has reiterated Washington’s demand that a trade agreement with Japan include a provision to prevent competitive currency devaluation.

Mnuchin was speaking to reporters on Saturday, two days before Japanese and US negotiators meet in Washington to discuss concluding a trade deal between the two countries.

Mnuchin said the US government does not want countries to manipulate their currency to gain competitive advantage. He said Washington aims to ensure there are currency provisions in whatever trade agreements the US signs.

The US wants to prevent Japan from artificially devaluating its currency to make its exports cheaper.

Washington has already succeeded in inserting a currency clause into the revised free trade pact with Canada and Mexico. It is making a similar demand in trade negotiations with China.

The US keeps a close eye on exchange rates, as it hopes to prevent the dollar from becoming stronger and to curb its trade deficits with other countries.

The US Treasury Department keeps Japan, China, Germany and three other nations on a monitoring list to make sure they are not manipulating their currency.

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