From The Wall Street Journal’s Real Time Economics blog, “White House Hopes Trade Can Bolster Labor Market“:
With the unemployment rate in double-digit territory, the Obama administration is turning to trade policy as a potential balm for the ailing labor market.
By increasing exports to rapidly growing countries like China and India, the U.S. could put a dent in joblessness and foster long-term economic growth without stressing the federal budget. But overhauling export policy is part of a White House approach that is in the early stages of execution.
The White House demanding a Congressional vote on the Colombia and Panama Free Trade Agreements to start with, and then Korea, would be an excellent way of demonstrate the seriousness of the Administration’s embrace of trade.
The Administration is moving ahead with needed modernization of U.S. export controls, the story notes, a priority for improving U.S. competitiveness on high-value exports.
And from Reuters, “Business urges Obama get off trade sidelines in Asia“:
We just cannot afford to be on the outside, looking in at Asia, which is where both trade and trade agreements are growing the fastest in the world,” said Frank Vargo, vice president for international economic affairs at the National Association of Manufacturers.
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