America’s trade policy may seem remote and technical, but it has a significant impact on the strength of our economy and the lives of millions of Americans. If the businesses you buy from everyday also sell their products to customers abroad, they are more likely to expand and support jobs here at home.
Why is that? Ninety-five percent of the world’s consumers live outside our borders. Our Made-in-America products and services are in demand, making American exports a vital pillar of our 21st century economy. In fact, exports played an indispensable role in America’s resurgence from the Great Recession.So, when the rules are fair, Americans can out-compete anyone in the world.
Last year, we broke the record in American exports for the fifth year in a row, selling $2.34 trillion in goods and services abroad. And here’s why that’s important: The more we sell abroad, the more higher-paying jobs we support here at home.
And those jobs tend to pay Americans better, meaning companies that export pay up to 18% more than companies that don’t.
But right now, our current trade policy — the status quo — puts our workers and businesses at a disadvantage, with higher costs for American goods, more barriers to trade, and lower standards for workers and the environment abroad than we have at home.
That is why President Obama has concluded negotiating the Trans-Pacific Partnership and will now work with Congress to secure its passage into law. The TPP is a trade agreement with 11 countries in the Asia-Pacific, including Canada and Mexico that will eliminate over 18,000 taxes various countries put on Made-in-America products.
With the TPP, we can rewrite the rules of trade to benefit America’s middle class. Because if we don’t, competitors who don’t share our values, like China, will step in to fill that void.
That is why the President’s trade policy is the best tool we have to ensure that our workers, our businesses, and our values are shaping globalization and the 21st century economy, rather than getting left behind.
Leave a Reply
You must be logged in to post a comment.