Companies, Organizations and Citizens Should Sign the Petition below!
Problem: The U.S has the worst trade performance in the world.
For 40 years, perennial trade deficits have resulted in debilitating and potentially permanent job losses, stagnant incomes, industry losses and massive foreign debt. Stunningly, U.S. law has never prioritized balanced trade as a national objective.
Foreign mercantilist practices such as currency misalignment, divergent tax systems, industrial subsidies that cause U.S. deindustrialization and economic decline - are given scant attention in trade negotiations and have not once been addressed effectively in agreements presented to the Congress for approval.
Perpetual trade deficits and unlimited foreign debt are unsustainable for any nation. While there is still time to avoid a catastrophic economic correction, Congress should direct the President to pursue Balanced Trade now as the principal federal trade policy objective to ensure that trade agreements and other trade initiatives reduce and do not exacerbate our economic difficulties.
Any new trade bill should include language requiring the executive branch to make balanced trade the primary national trade goal. Agencies - such as the Office of the U.S. Trade Representative, the Department of Commerce and the International Trade Commission - would then be held accountable for their progress in attaining this goal.
The foreign trade cheating practices that cause the largest portion of the U.S. trade deficit would be addressed first. These practices would likely include currency manipulation, state-owned enterprises, foreign industrial subsidies, border adjustable taxes and other forms of mercantilism that impact the trade balance.
Our country needs to achieve an overall balance of payments over a reasonable period of time, eliminate persistent trade deficits and reverse the accumulation of foreign debt.
In other words, we need to fix our economy and re-industrialize America.
Companies, organizations and citizens should sign the petition below. It will be delivered to Congress this fall.