Japanese Prime Minister Calls on Congress, President to Further Disadvantage U.S.
WASHINGTON, D.C.— Congresswoman Marcy Kaptur (D-OH) criticized Japan’s ongoing unfair and anti-competitive trade policies, including its history of currency manipulation, this morning after a speech by Japan’s Prime Minister Shinzo Abe to a Joint Session of Congress.
“For decades, Japan has been allowed to have it both ways on trade,” said Rep. Kaptur. “Meanwhile the U.S. has repeatedly thrown open its doors, liquidating U.S. industries and outsourcing jobs while doing little or nothing to protect American workers, manufacturers, or the U.S. economy from harm. Japan could be a great U.S. trading partner some day, but their history of damaging and unfair currency manipulation and their insistently closed markets guarantee that day will not be coming anytime soon. I stand strongly opposed to the Trans-Pacific Partnership and the Fast Track authority that would grease the ledge for its approval.”
The U.S. trade deficit with Japan is one of the largest in the world, reaching a cumulative total of nearly $2 trillion ($1,963,654,100,100) since 1983 through the first quarter of 2015. According to a recent study by the Peterson Institute for International Economics, Japan stands to gain the most overall, an estimated $119.4 billion or 2.2 percent of their national economy, if the TPP is enacted.
According to the Economic Policy Institute, the U.S. trade deficit with Japan displaced 896,600 U.S. jobs in 2013 alone. Fifty two percent, or 466,000 of these jobs, were in manufacturing with 13.3 percent or 118,800 jobs just in motor vehicles and parts. Ohio was among the hardest hit states, losing 50,900 jobs due to the trade deficit with Japan that year. Ohio’s 9th Congressional district ranked #30 among all 436 U.S. Congressional districts with 3,400 net jobs displaced due to the 2013 U.S. trade deficit with Japan.