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Massive Pacific Trade Agreement Ignores One Huge Tariff: Currency Manipulation

Copyright 2018 NPR. To see more, visit AUDIE CORNISH, HOST: Members of Congress - or at least some of their staff are busy reading the 6,000 pages of one of the largest international trade deals ever - the Trans-Pacific Partnership, the TPP. Lawmakers will vote on it early next year. Our Planet Money team has been going through the document as well, and David Kestenbaum has the story of one thing that was hard to find. DAVID KESTENBAUM, BYLINE: The TPP goes into all kinds of detail on various tariffs for catfish, for sneakers, for French fries and donkeys - tariffs that will be going away. That is the whole idea behind a trade deal. But there is this secret way countries can easily apply a tariff to every single thing coming into their country. A country can intentionally devalue its currency, make it weaker. If you were trying to sell, say, a car overseas and a country has weakened its currency by 10 percent, that makes your car cost 10 percent more in the local currency. It's just as

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