A left-right symmetric model with two Higgs bi-doublet is shown to be a consistent model for both spontaneous P and CP violation. The flavor changing neutral currents can be suppressed by the mechanism of approximate global U(1) family symmetry. We calculate the constraints from neural $K$ meson mass difference $Delta m_K$ and demonstrate that a right-handed gauge boson $W_2$ contribution in box-diagrams with mass well below 1 TeV is allowed due to a cancellation caused by a light charged Higgs boson with a mass range $150 sim 300$ GeV. The $W_2$ contribution to $epsilon_K$ can be suppressed from appropriate choice of additional CP phases appearing in the right-handed Cabbibo-Kobayashi-Maskawa matrix. The model is also found to be fully consistent with $B^0$ mass difference $Delta m_B$, and the mixing-induced CP violation quantity $sin2beta_{J/psi}$, which is usually difficult for the model with only one Higgs bi-doublet. The new physics beyond the standard model can be directly searched at the colliders LHC and ILC.
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