Is Currency Manipulation A Real Issue For American Automakers?

Is Currency Manipulation A Real Issue For American Automakers?
In his most strongly worded statement on trade issues to date, Joe Hinrichs, president of Ford's Americas unit, took Japan and specifically Toyota to task today for benefiting unfairly from currency manipulation.

In a speech before The Economic Club of Chicago, Hinrichs said Ford would "urge Congress to oppose a TPP [Trans-Pacific Partnership] if it does not include strong currency disciplines."

"When Toyota came out and said half their profits are due to currency change of the yen, that's a big deal. They said that," Hinrichs said in comments to reporters after the speech. "When [Toyota President] Akio [Toyoda] came out in support of [Japanese Prime Minister Shinzo] Abe saying we need a weaker currency, that's a corporate policy statement."


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TheSteveTheSteve - 2/7/2014 12:04:58 PM
+5 Boost
No. American cars are the real issue. It seems the people who want them most, are those who make them. You know, "Buy Ameican, or I'll be out of a job" sort of thinking.


TheSteveTheSteve - 2/7/2014 12:07:15 PM
+4 Boost
By the way, in the 1970s, US auto makers cried foul that Japanese auto makers had an unfair advantage due to cheap labor. Then it was the cheap Yen. It seems some are still crying "unfair advantage" abroad, rather than citing undesirable products made at home.


Agent009Agent009 - 2/7/2014 1:11:22 PM
-1 Boost
How about if the US manipulated the dollar?

US exports would sky rocket and companies that couldn't hack it on the global market would be profitable due to cost alone. Jobs would be plentiful due to demand for lost coast goods.

When you see a company attribute half of their profit to currency manipulation you see how unfair it can be.






w222w222 - 2/7/2014 3:06:30 PM
+6 Boost
009, you do realize that the US has been manipulating its currency for decades. A simple google search will find you a bunch of articles from reputable news agencies.
Even Ron Paul said the US is the biggest currency manipulator.
It's like how we pointed fingers at the Russians for spying then leaks shows that the US has been spying on everyone including its allies.

We need to build cars Americans want to drive rather than point fingers.

A friend of mine is a purchasing manager at Ford and he chose not to drive than to drive a ford. (it doesn't look good for the company if he drives a foreign car)



http://money.cnn.com/2011/10/06/news/economy/thebuzz/

http://www.policymic.com/articles/17742/ron-paul-warned-us-united-states-not-china-is-biggest-currency-manipulator



mplsmpls - 2/7/2014 3:31:25 PM
+5 Boost
Total BS by Ford, Also, Toyota cars sold in USA are manufactured in US with US produced parts..


HughJassHughJass - 2/7/2014 4:41:02 PM
+5 Boost
Ummm, is Japan the only country in the universe that manipulates its currency? Remember a couple of years ago the Yen was 130 and we complained, then when it went to 75 we still complained.

I think the real issue is that the Japanese don't sell cars as cheap as those good little Koreans so they get singled out. I'd only drive a few American cars, the rest are crap. I go Jap or German if there isn't a good Ford around (not some small penis F150).


scenicbyway12scenicbyway12 - 2/7/2014 8:26:37 PM
+4 Boost
Let's be frank if you're a country that is doing any sort of exporting in today's global market, you better be manipulating your currency.
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