Bush wins trade authority
Adjust font size:
Manufacturing News, Source : TheManufacturer.com
Published : 05 Aug 2002 20:51
The floor on trade was finally closed for debate last week as Senate passed a long awaited bill by a vote of 64/34, granting President Bush the much-sought-after Trade Promotion Authority (TPA).
As the first president in eight years to have such power, President Bush will now be able to negotiate trade deals that government officials can approve or reject, but not amend.
“After eight years without TPA, we have a lot of catching up to do in terms of lowering trade barriers in other countries,” said Mike Baroody, National Association of Manufacturer’s executive VP. “Since we started, the world has enacted 60 new free trade agreements, for a total of 190, of which the United States in a party to exactly three. It’s time we got back in the game.”
The Bush Administration had to make several amendments to the TPA bill for the Senate to pass it, namely the subsidization of health benefits and the expansion of benefits for workers whose jobs are lost to less-expensive imports or companies that move overseas.
“The benefits of expanding trade are felt around every kitchen table and on every farm, Main Street, and factory floor across America,” said Secretary of Commerce Donald Evans in response to the bill’s passage. “TPA means more, higher-paying jobs for American workers, farmers, and ranchers and a higher-quality of life for all American families.”
However, some American manufacturers feel that the trade authority will hinder, not help, their recovery. Members of the American Textiles Manufacturers Institute sent letters to Senate asking them to reject the bill, claiming that the industry suffered the loss of 67,000 jobs and has had to close 116 textile plants last year alone. A statement issued from the institute reported that the bill not only fails to recognize the industry’s suffering, but will exacerbate it.
Comments on this story
click here to add a comment
You must be registered & logged in to add comments
already have an account and just want to login?
Related Content
Guest Editorial: Checklist - Seven Recommendations for Improved Profits
by Abbott A. Imberman, PhD, Professor of...
more…
FKI LOGISTEX OPENS NORTH AMERICAN TECHNOLOGY & EDUCATION CENTER (TEC)
(St. Louis, Missouri, USA: July 10, 2007) FKI...
more…
Guess selects the tradecard platformand SourceView suite to optimize global trade
NEW YORK, July 10, 2007 – TradeCard Inc., the...
more…
Kimberly-Clark Professional Crosses Final Touchless Frontier With Introduction of First Electronic Bath Tissue Dispenser
ROSWELL, Ga. (July 9, 2007) – Kimberly-Clark...
more…
Boeing Celebrates the Premiere of the 787 Dreamliner
EVERETT, Wash., July 08, 2007 -- Today, Boeing...
more…
no comments yet...