Ford will oppose any trans-Pacific trade agreement that does not open up the Japanese car market and prevent governments from manipulating currencies to give one nation’s manufacturers an unfair advantage, the chief of Ford’s North and South America business said Thursday.
About half of Toyota’s recent $5-billion quarterly profit arose from Japanese government actions to depress the yen’s value, Joe Hinrichs told the Chicago Economic Club.
Hinrichs said Ford supports free trade and open markets, but he said Japan has a history of manipulating its currency to help its industry and hurt others.
“American jobs are at risk,” Hinrichs said. “It’s a real issue. Currency manipulation is the major trade barrier in the 21st Century.”
He called for the proposed Trans-Pacific Partnership trade treaty to include specific, detailed language regarded currency policies and open markets. Such language has been drafted by the Automotive Policy Council, a trade group that represents Ford, Chrysler and General Motors...