Domestic Manufacturers Condemn Fast Track Bill

By: United States Business and Industry Council
 
 
United States Business and Industry Council
United States Business and Industry Council
Jan. 10, 2014 - PRLog -- On behalf of its nearly 2,000 member companies in  manufacturing, services, and ranching, the U.S. Business and Industry Council  today condemned the Baucus-Hatch-Camp TPA bill, introduced today in response to  President Obama’s request for fast track trade negotiating authority, as a  major threat to America’s recovery and return to genuine economic health.

Said Council President Kevin L. Kearns, “The kind of  trade expansion fast track would expedite isn’t part of the solution for the  still-wheezing U.S. economy.  Fast-tracked  trade deals and other so-called free-trade agreements have been a major part of  the problem.  NAFTA and other free-trade  agreements in the NAFTA model, such as Mr. Obama’s so-called signature Korea  deal, have massively widened our nation’s trade deficit, sharply reducing  economic growth and job-creation. Since the implementation of NAFTA, the nation  has a cumulative trade deficit in goods and service of over $8 trillion.  Could any CEO and senior management team  survive in the private sector with a record of abysmal failure like that? ”

Noted Kearns, “President Obama’s Trans-Pacific  Partnership plans in particular show that he refuses to learn the main lessons  of past U.S. trade policy blunders:   Boosting trade with Asian and other countries that can’t or won’t buy  competitive American-made products, and rely heavily on selling to America for  their own growth, is a surefire loser for domestic businesses and their  employees alike.”

Kearns continued, “The President’s recent agreement  with Korea – which is likely to join the TPP – shows how flawed his trade  strategy has been.  Mr. Obama claimed  that this ‘gold standard’ deal would at long last dismantle the thick  economy-wide web of secretive nontariff barriers that have closed the Korean  economy for decades.  Yet since the deal  went into effect in March, 2012, the U.S. bilateral goods deficit has more than  doubled – even as America’s global goods deficit was shrinking.”

“Mr. Obama’s trade team has applied the Korea  formula to the TPP,” Kearns added, “so we can expect even worse U.S. trade  shortfalls, slower growth, and greater job destruction in the future if the  deal goes through.”

Kearns also observed that fast track represents bad  governance, as well as bad economics.   “Fast track is expressly designed to neuter Congress’s constitutionally  required lead role in trade policymaking, designed by the Founders so that the  elected politicians closest to the voters would act to ensure that new  agreements serve Main Street, not Chief Executives in the grip of offshoring  business interests.”

In fact, Kearns observed, denying Congress the  authority to amend the trade agreements it votes on violates the Constitutional  principle of checks and balances, historically a formula for policy disaster.

Kearns also debunked the main argument on fast  track’s behalf.  “Fast track supporters  insist that other countries won’t bargain seriously with the United States if  they fear Congress can overturn any compromises reached by negotiators.  But the U.S. market is by far the grandest  prize in a world full of export-led economies, and its value has only increased  as global growth remains subpar.  America’s  competitors are as likely to avoid trade talks with America as American  politicians are to pass up a TV appearance.”

Kearns urged Congress to treat trade agreements with  the same regular order procedures used for most other legislative business.  “The Constitution and Congress’s own rules  have served the nation admirably for nearly 225 years.  Trade policymaking is a Congressional  responsibility, and legislators should have full scope to change trade deals as  they see fit to promote American interests.”

For Interviews: Contact Kevin L. Kearns: 202 957 9994 (cell); 202 266 3980 (office)

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