Hours ago, the White House released the text of the Trans-Pacific Partnership (TPP) Agreement that has been negotiated for more than five years and would seek to join the United States with 11 trading partners across the Asia-Pacific in the largest and most complex plurilateral free trade agreement negotiated by the United States. (continue reading…)
U.S. Trade Representative (USTR) Michael Froman and Indian Commerce and Industry Minister Nirmala Sitharaman will meet October 29 for the U.S.-India Trade Policy Forum in Washington, D.C., to examine and move forward our bilateral trade and investment relationship. There are many issues on the agenda, and manufacturers urge that today’s discussions lead to concrete reforms in ways that will grow commercial opportunities and lead to stronger respect for international standards. (continue reading…)
How Protecting Property and Innovation with Fair Processes and Strong Standards in the TPP Are Vital to Improve Competitiveness and Promote Prosperity
America was built on hard work, respect for private property and the rule of law. With basic due process, equal protection and property protections core to the U.S. Constitution and laws such as the Administrative Procedure Act and laws protecting innovation and intellectual property, America has forged the most innovative and resilient manufacturing sector in the world. (continue reading…)
NAM TPP Priorities: Open Markets and Strengthen Global Competitiveness to Grow Manufacturing in the U.S.
Striking new high-standard and market-opening trade agreements with other countries is essential to strengthening America’s manufacturing edge. Across the United States, manufacturers of all sizes are increasingly turning to trade to expand their customer base, grow their business, access critical inputs from overseas and create and sustain jobs here at home. Thanks in substantial part to past trade deals, U.S.-manufactured exports topped $1.403 trillion in 2014 – the highest level in America’s history – and are contributing to the continued growth of manufacturing in the United States, which also reached its highest level ever, with $2.09 trillion in output in 2014. (continue reading…)
Today, the Senate will take a final vote on the renewal and modernization of the long-standing congressional-executive framework known as Trade Promotion Authority (TPA). Movement on this top trade priority for manufacturers across a wide variety of industries throughout the United States has been a long time coming, since the expiration of the last TPA in mid-2007. Manufacturers in the U.S. have been at the forefront in pushing this legislation forward, from setting forth TPA priorities in 2013, issuing a unanimous Board resolution later that year, testifying, taking out advertisements, activating call-in campaigns, appearing on TV and radio and of course holding many hundreds of meetings with Members of Congress in Washington and around the country. (continue reading…)
Members of Congress, policy experts, economists, and industry leaders gathered at the Newseum in downtown Washington, D.C., yesterday morning for a policy breakfast briefing event to examine an important question: “Is India Open For Business?” after the first year of the Modi government. (continue reading…)
The global market for manufactured goods is enormous and far exceeds U.S. consumption of manufactured goods. Just look at the huge growth in world trade in manufactured goods since 1980. (continue reading…)
NAFTA and free trade agreements (FTAs), what do you think? Good or bad for manufacturers in United States? While a small group of anti-trade critics would have you believe lots of myths, in fact, NAFTA and past FTAs have been critical to the growth of U.S. manufacturing. Moreover, more market-opening trade agreements negotiated with Trade Promotion Authority (TPA) are even more critical to America’s manufacturing future. (continue reading…)
Trade critics like to decry unfairness in the global economy, trade deficits and more in their fight against Trade Promotion Authority (TPA). But what solution do they provide? Not one.
Manufacturers are in Washington, DC, today as part of the NAM Manufacturing Summit to talk about solutions and ways to grow manufacturing. For those concerned about the lack of a level playing field, TPA is key to solve the status quo disadvantage faced by manufacturers in the U.S.
Consider the status quo for U.S. manufacturers:
- The U.S. has the most open market of any major economy, with more than two-thirds of all manufactured imports entering the U.S. duty-free in 2014. Under our Constitution and laws, the U.S. already accords the basic non-discrimination, fair treatment and private property protections found in our trade agreements to foreign products and investments.
- Except with our 20 free trade agreement partners, U.S. manufacturers face far greater barriers overseas for our exports, products and innovation. According to the well-respected World Economic Forum, U.S. exporters face steeper trade barriers abroad than virtually any other major country, including Mexico, China and European countries largely because those countries have entered into more market-access agreements than the United States.
In the markets where the U.S. is currently negotiating free trade agreements, U.S. manufacturers face substantial barriers. Manufacturers face tariffs as high as 83 percent on automotive products, 70 percent on machinery and capital equipment, and 30 percent or more on chemicals, health and medical equipment and infrastructure products with some of the Trans-Pacific Partnership countries. Manufacturers face tariffs as high as 20 percent on electrical equipment, 15 percent on consumer goods, 14 percent on information technology products and 10 percent on machinery, capital equipment and metal goods in the European Union. Beyond tariffs, manufacturers face a wide range of other discriminatory barriers around the world—from local production requirements and discriminatory regulations and standards to weak protection and enforcement of U.S. property, innovation and inventions.
How do we solve this status quo disadvantage? Certainly not by standing still as TPA critics seem to believe. In fact, TPA is critical to reverse this disadvantage so that the U.S. can negotiate and conclude new market opening trade agreements that will open markets and help make sure other countries treat our manufacturers and goods as we already treat them.
Manufacturers urge Congress to move quickly to pass TPA so that we can grow manufacturing in the United States, not fall farther behind.
This week, over 400 manufacturers will be coming to Washington D.C. as a part of the NAM’s Manufacturing Summit. While in town, they will be meeting with leaders and policymakers to discuss key policy issues that are critical to the success of manufacturing, including the need for Trade Promotion Authority (TPA). But there are a lot of myths about manufacturing and trade. So let’s set the record straight: (continue reading…)