Last week, President Obama told Congressional Democrats not to expect any rules against “currency manipulation” in the forthcoming Trans-Pacific Partnership (TPP) trade deal. This is bad news for protectionists — of both left and right — but is very good news for American consumers and workers.

Some Congressional Democrats, like Rep. Sander Levin, D.-Mich., blame job losses in American manufacturing on China’s deliberate undervaluation of its currency, the Remnimbi. Rep. Levin plans to introduce a bill aimed at currency manipulation.