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China's currency, the yuan, has been rising in value for some time and the International Monetary Fund says it's now fairly valued. And Trump is correct that it is not part of the treaty itself.īut Trump's charge that China is manipulating its currency is outdated. There is a side agreement in which all signatory nations promise not to manipulate their currencies, but critics say it's unenforceable. Trump said the TPP fails to address currency manipulation. Trump said China is guilty of currency manipulation by keeping the value of its currency low to make its exports more competitive.
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"It's a deal that was designed for China to come in as they always do through the back door and totally take advantage of everyone." "It is a deal that is going to lead to nothing but trouble," he said. Last night, Trump talked in particular about the Trans-Pacific Partnership, or TPP, a trade pact involving the U.S.
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NPR business reporter Jim Zarroli on the TPP:Ĭandidate Donald Trump claims the United States gets taken advantage of by other countries because, as he says, President Obama doesn't know how to negotiate. That's a much bigger hike than studies usually deal with, and many economists agree a nationwide hike that high could hurt job creation, especially in places where wages and prices are currently low. However, the moderators specifically asked about the impact of a $15 federal minimum wage, more than twice the current level. But plenty of other studies have found minimal effects. Some studies, including a 2014 paper by the nonpartisan Congressional Budget Office, have found that a higher minimum wage could cost jobs. In a 2013 University of Chicago survey, top economists were nearly evenly split on whether a $9 wage would hurt lower-wage workers. The question going forward, though, is whether a higher minimum wage would hurt job creation. In May, Carson said it probably should be raised from its current level of $7.25.īut does the number of jobless people grow every time the minimum wage is raised?Įconomic data show that sometimes it does and sometimes it doesn't. This is, by the way, a flip-flop for him. "Every time we raise the minimum wage the number of jobless people increases."Ĭarson opposes a higher federal minimum wage. "People need to be educated on the minimum wage," candidate Ben Carson said.
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The minimum wage is traditionally a hot-button political and economic subject, and it came up again Tuesday night. NPR political reporter Danielle Kurtzleben on minimum wage: So a question facing voters in the general election is whether they want to stay the course in hopes of further improvement or whether they think it's time to change direction. That fits a pattern with a lot of economic statistics: Things are better than they were but still not where we'd like them to be. But according to the latest figures from the Census Bureau, in 20 more businesses opened their doors than closed. That certainly was true in the early years of the Obama administration, which coincided with the Great Recession. "We have to recognize that small business - right now more of them are closing than are being set up," Bush said. And that data point on business creation, which Rubio has highlighted before, was also picked up by his fellow Floridian former Gov. The night's general theme, of course, was that this is an economy badly in need of a Republican makeover. "For the first time in 35 years, we have more businesses dying than starting," Florida Sen. economy during the debate, offering a litany of discouraged workers, sluggish economic growth and children living on food stamps. Republican candidates painted a fairly bleak picture of the U.S. NPR White House correspondent Scott Horsley on the health of the economy: NPR reporters look at candidate claims about business creation, the minimum wage, trade and the length of the tax code. Tuesday night's Republican debate focused on economic issues.