U.S. Should Sideline TPP, Focus on Trade Balancing, Says Rep. Kaptur
The House leadership should shelve focus on the Trans-Pacific Partnership (TPP) due to the lost domestic jobs and exacerbated deficit that will result from the final pact, said Congresswoman Marcy Kaptur, D-Ohio, on the House floor on Oct. 29. The House should instead adopt the Kaptur-sponsored Balancing Trade Act, H.R. 192 (here), she said. The legislation would require the administration to outline actions to balance the trade deficit with every country with which the U.S. has a trade deficit, Kaptur said.
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The U.S.-Korean free-trade agreement (KORUS) illustrates the negative impact FTAs have on the U.S. economy. “We were promised with the Korean deal that our economy would grow through increased exports by $10 billion to $11 billion," said Kaptur. “In reality, U.S. exports to Korea have actually declined by roughly $800 million since the agreement took effect. Yes, that is a 20 percent decline." The Obama Administration should ensure U.S. manufacturing receives significant foreign market access in the TPP, Rep. Louise Slaughter, D-N.Y., also said in an Oct. 24 letter to President Barack Obama, citing KORUS trade statistics (see 13102431). The deficit now totals nearly $15 billion, according to Census data released on Oct. 24 (here), up $1.5 billion since 2011.
The Obama Administration continues to eye the end of 2013 for conclusion of TPP negotiations (see 13100805). Congressmen Dave Reichert, D-Wash., Charles Boustany, R-La., Ron Kind, D-Wis., and Gregory Meeks, D-N.Y. launched the Friends of the TPP caucus on Oct. 29 9 (see 13103004).
Email ITTNews@warren-news.com for a copy of Kaptur’s House floor transcripts.