Trade
Fair Trade is vital to our nation’s economic future.
Trade can create new jobs in exporting industries, but trade can destroy jobs when imports replace the output of domestic firms. Because current trade policy has accelerated the trade deficit, eliminated manufacturing jobs, and stagnated wages, more jobs have been displaced by imports than created by exports. The United States has lost more than 3 million manufacturing jobs since 2000 – that’s one in six good paying jobs.
Trade deals like NAFTA, CAFTA and China PNTR were written and negotiated by multinational corporations and lack protections for workers, the environment, and food and product safety.
In June of 2008, I introduced forward-looking, pro-trade legislation – the Trade Reform, Accountability, Development, and Employment (TRADE) Act. The TRADE Act requires a review of existing trade agreements, and provides a process to renegotiate existing trade agreements. It also outlines principles on labor, environment, investment, and food safety that included in future trade agreements, and strengthens the role of Congress in trade policymaking. When we change the process for writing trade deals, we can make trade deals work for more people.
The current trade model has not served the interests of a majority of Americans and has led to public demand for change. Americans know that the choices are not limited to free trade or protectionism. They know that trade policies can expand economic opportunity.
I look forward to working with President Obama and Senator Dick Durbin on the Patriot Employers Act, which uses the tax code to reward companies that invest in their communities, pay decent wages, provide good benefits and support their employees when they are called to active duty.
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