The conclusion of negotiations for a Trans-Pacific Partnership agreement this week is being met with concern among automakers in North America, but approval in Japan.

This largest-ever regional trade deal will reduce barriers to trade between 12 countries: the U.S., Canada, Australia, Japan, Mexico, New Zealand, Singapore, Malaysia, Vietnam, Peru, Chile and Brunei.

It goes far beyond the usual tariff-reduction goals of traditional trade pacts. Additional measures call for greater transparency and liberalization in foreign investment rules. This includes provisions for neutral and transparent international arbitration of investment disputes. Commitments on trade facilitation require that TPP countries agree to publish their customs laws and regulations, and release goods without unnecessary delays.

TPP signatories also have agreed to consult openly on proposals for technical regulations that have to be followed by importers, exporters and local producers alike. And TPP countries have agreed to open immigration procedures for temporary business visitors.

But when the Obama Admin. goes out prospecting for allies in its quest to ensure ratification in Congress, it may do better to spare its breath in pitching U.S. automakers.

Under the fast-track Trade Promotion Authority it granted the president in June, Congress has 90 days to take an up-or-down vote on TPP, giving it the power only to accept or reject the deal but not enact amendments. Given that this schedule moves a TPP vote back to 2016 at the earliest, fears the agreement may fall victim to U.S. presidential election politics have surfaced.

While American automakers, who currently export about $140 billion of vehicles and parts throughout the world, may have reason to cheer the agreement’s provisions for gradual lifting of Japanese tariffs on U.S. autos, for example, they are quick to point out these free-trade benefits risk being outweighed by currency manipulation.

“To ensure the future competitiveness of American manufacturing, we recommend Congress not approve TPP in its current form, and ask the administration to renegotiate TPP and incorporate strong and enforceable currency rules,” says Ziad Ojakli, Ford group vice president-government and community relations.