Article 32.10: Non-Market Country FTA
1. At least 3 months prior to commencing negotiations, a Party shall inform the other Parties of its intention to commence free trade agreement negotiations with a non-market country. For purposes of this Article, a non-market country is a country that on the date of signature of this agreement at least one Party has determined to be a non-market economy for purposes of its trade remedy laws and is a country with which no Party has a free trade agreement.
2. Upon request, the Party shall provide as much information as possible regarding the objectives for those negotiations.
3. As early as possible, and no later than 30 days before the date of signature, that Party shall provide the other Parties with an opportunity to review the full text of the agreement, including any annexes and side instruments, in order for the Parties to be able to review the agreement and assess its potential impact on this Agreement. If the Party involved requests that the text be treated as confidential, the other Parties shall maintain the confidentiality of the text.
4. Entry by any Party into a free trade agreement with a non-market country, shall allow the other Parties to terminate this Agreement on six-month notice and replace this Agreement with an agreement as between them (bilateral agreement).
5. The bilateral agreement shall be comprised of all the provisions of this Agreement, except those provisions the relevant Parties decide are not applicable as between them.
6. The relevant Parties shall utilize the six-month notice period to review the Agreement and determine whether any amendments should be made in order to ensure the proper operation of the bilateral agreement.
7. The bilateral agreement enter into force 60 days after the date on which the parties to the bilateral agreement have notified each other that they have completed their respective applicable legal procedures. 
 このArticle 32.10 4.では、3ヶ国のいずれかが非市場経済国と自由貿易協定を結んだ場合、残りの2ヶ国は6ヶ月後に協定を離脱し、2国間の協定を結ぶことができるとしている。非市場経済国は明らかに中国を指している。これは米国から関税をかけられた中国がカナダ、メキシコを利用して迂回輸出を仕掛けるのを防止するためとも言われるが、むしろ貿易戦争の一環としての米国によるカナダ、メキシコに対するシンプルな中国とのFTA禁止令と見るべきだ。北米が終わって日本との交渉の番になった時も、日本も日中や日中韓FTAを禁止される可能性が高い。

Article 33.4: Exchange Rate Practices
1. Each Party confirms that it is bound under the Articles of Agreement of the IMF to avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage.
Each Party should:
(a)  achieve and maintain a market-determined exchange rate regime;
(b)  refrain from competitive devaluation, including through intervention in the foreign exchange market; and
(c)  strengthen underlying economic fundamentals, which reinforces the conditions for macroeconomic and exchange rate stability.
Each Party should inform promptly another Party and discuss if needed when an intervention has been carried out by the Party with respect to the currency of that other Party. 

 Article 33.4では、市場によって決定された為替相場レジームの維持を掲げている。競争のための通貨切下げ及び為替市場での介入が禁止されている。これも対日本の交渉で引用される可能性があり、その場合円高対策の為替介入(俗に言う日銀砲)の使用は封じられる。

Article 33.3: Scope
This Chapter does not apply with respect to the regulatory or supervisory activities or monetary and related credit policy and related conduct of an exchange rate or fiscal or monetary authority of a Party.

 一方でArticle 33.3はこの章は規制・監督、金融政策及び信用政策をスコープから外している。つまり米国のQEによるドルの希釈だけは自由である。「円安を目的としていない」異次元金融緩和も、今の米国のスタンスが続けば許容されるだろう。実際、日本はアベノミクス開始以来、為替スポット市場での介入を必要としてこなかった。為替介入を禁じる条項から円高を連想するのは少数派だろう。なお中国も介入しなければ人民元安になるので、厳密な意味では当てはまらない。やはり最も大事なポイントは中国とのFTA禁止をトランプが様々な国に順に命令していく可能性である。様々な国が米国と中国の間で選択を迫られていく様はまさに冷戦である。