WASHINGTON—In a show of discontent Senate Republicans boycotted a meeting on Capitol Hill last week on the pending free trade agreements with Colombia, South Korea, and Panama. One objection was that the meetings were hastily scheduled, just prior to the July 4 recess.
The Obama administration sought to pass a bill, which includes the Trade Adjustment Assistance (TAA) for Workers Program, a federal program that provides support and assistance to U.S. workers that lose their jobs as a result of foreign trade. The TAA program includes training programs for workers, job search assistance, a tax credit to maintain health coverage and Trade Readjustment Allowances to provide financial support during training.
Sen. Orrin Hatch (R-Utah), ranking member of the Senate Committee on Finance and other Senate Republicans delivered statements at a press conference to explain their motivation for boycotting the meeting. “We all want these agreements, but we just don’t want them cluttered up for political purposes,” said Hatch. “These trade agreements would bring billions of dollars of economic growth to our country over night. They would create thousands of new jobs, and they [the Democrats] are holding them up because of TAA. They are prepared to throw years of work on the trade agreements down the drain for this.”
Republicans feel that TAA is too large and too expensive to pass as one of the 97 amendments attached to the U.S.-South Korea Trade Agreement and that it should it be voted on alone.
“Our belief is as a general proposition, as Sen. Hatch said, that free trade agreements create jobs. They don’t destroy jobs,” said Sen. Jon Kyl (R-Ariz.) at the June 30 press conference.
The U.S.-South Korea Trade Agreement supports the president’s National Export Initiative with the goal of doubling U.S. exports in five years, and it has the potential to create an estimated 70,000 U.S. jobs. The agreement would promote an integration of U.S. and South Korean economies, increasing the export of U.S. manufactured goods and by eliminating tariffs.
The U.S. International trade Commission (ITC) has estimated that tariff cuts would increase the export of U.S. goods by $10 billion–11 billion. The agreement is also due to open Korea’s $560 billion dollar services market to competitive U.S. companies in sectors including agriculture, delivery, telecommunications services, education, and health care services.
“The Korean Treaty would provide for a billion dollars in beef sales a year,” said Sen. Mike Enzi (R-Wis.).
The Colombia Free Trade Agreement would immediately eliminate tariffs on key U.S. exports to Colombia. It would provide the United States access to Colombia’s $134 billion dollar services market, and maintain a mutual commitment to uphold labor rights and environmental protections. The ITC projected that the agreement will increase U.S. GDP by $2.5 billion.
The U.S.-Panama Trade Promotion Agreement would also eliminate tariffs on 87 percent of U.S. exports of consumer and industrial products, the remaining to be phased out over 10 years. About 56 percent of agricultural tariffs would be dropped right away, and the rest phased out over 15 years. The agreement also assures that U.S. investors in Panama are protected against discriminatory or unlawful treatment and provides better enforcement of intellectual property rights.
The Obama administration sought to pass a bill, which includes the Trade Adjustment Assistance (TAA) for Workers Program, a federal program that provides support and assistance to U.S. workers that lose their jobs as a result of foreign trade. The TAA program includes training programs for workers, job search assistance, a tax credit to maintain health coverage and Trade Readjustment Allowances to provide financial support during training.
Sen. Orrin Hatch (R-Utah), ranking member of the Senate Committee on Finance and other Senate Republicans delivered statements at a press conference to explain their motivation for boycotting the meeting. “We all want these agreements, but we just don’t want them cluttered up for political purposes,” said Hatch. “These trade agreements would bring billions of dollars of economic growth to our country over night. They would create thousands of new jobs, and they [the Democrats] are holding them up because of TAA. They are prepared to throw years of work on the trade agreements down the drain for this.”
Republicans feel that TAA is too large and too expensive to pass as one of the 97 amendments attached to the U.S.-South Korea Trade Agreement and that it should it be voted on alone.
“Our belief is as a general proposition, as Sen. Hatch said, that free trade agreements create jobs. They don’t destroy jobs,” said Sen. Jon Kyl (R-Ariz.) at the June 30 press conference.
The U.S.-South Korea Trade Agreement supports the president’s National Export Initiative with the goal of doubling U.S. exports in five years, and it has the potential to create an estimated 70,000 U.S. jobs. The agreement would promote an integration of U.S. and South Korean economies, increasing the export of U.S. manufactured goods and by eliminating tariffs.
The U.S. International trade Commission (ITC) has estimated that tariff cuts would increase the export of U.S. goods by $10 billion–11 billion. The agreement is also due to open Korea’s $560 billion dollar services market to competitive U.S. companies in sectors including agriculture, delivery, telecommunications services, education, and health care services.
“The Korean Treaty would provide for a billion dollars in beef sales a year,” said Sen. Mike Enzi (R-Wis.).
The Colombia Free Trade Agreement would immediately eliminate tariffs on key U.S. exports to Colombia. It would provide the United States access to Colombia’s $134 billion dollar services market, and maintain a mutual commitment to uphold labor rights and environmental protections. The ITC projected that the agreement will increase U.S. GDP by $2.5 billion.
The U.S.-Panama Trade Promotion Agreement would also eliminate tariffs on 87 percent of U.S. exports of consumer and industrial products, the remaining to be phased out over 10 years. About 56 percent of agricultural tariffs would be dropped right away, and the rest phased out over 15 years. The agreement also assures that U.S. investors in Panama are protected against discriminatory or unlawful treatment and provides better enforcement of intellectual property rights.
Friends Read Free