"Efforts by other nations to keep the value of their currency artificially low are killing U.S. jobs and is a major reason why this country currently has an annual trade deficit in excess of $700 billion, a new Economic Policy Institute (EPI) report explains. Changing the system, the document states, would create 5.8 million jobs here.

China is the top culprit, but currency manipulation is an issue with about 20 countries worldwide. And the effects will only get worse for Americans if trade deals currently in the works, like the 12-nation Trans-Pacific Partnership (TPP), are allowed to move forward. EPI argues that millions of jobs would be created in the next three years if the practice was ended and the federal budget deficit would fall by up to $266 billion in 2015.

“Halting global currency manipulation by penalizing or offsetting currency manipulation is the best way to reduce trade deficits, create jobs, and rebuild the economy,” wrote Robert E. Scott, EPI’s director of trade and manufacturing policy research."

Teamsters: Ending Currency Manipulation Will Bring Worker Security | Teamsters