CPA welcomes and supports the tough approach on trade in the Democrats’ new policy document announced last week. Entitled “A Better Deal on Trade and Jobs,” the new policy document focuses on the large costs to US workers and companies of unfair trade practices and the huge, sustained US trade deficit. It proposes a broad range of remedies including more aggressive enforcement of existing trade laws, a new focus on “economic security” as a criterion for allowing foreign investment in US companies, and a tougher approach to foreign currency manipulation. The Democratic proposals also include closing the loopholes in Buy American legislation to enable more federal and state spending to go to US companies.
“The new Democratic platform shows that many Democratic leaders recognize the tremendous damage that our trade deficit and bad trade deals have done to US workers and companies,” said CPA vice chairman Brian O’Shaughnessy. “CPA would like this new policy document to lead to a bipartisan approach to trade. The best way to improve the situation for the US worker and put the economy back on a growth path would be for both parties to work together in Congress to level the playing field against unfair competition and create an environment in which US manufacturing could grow and hire once again.”
The “Better Deal” platform includes proposals for more aggressive legal sanctions against trade cheaters that can be imposed unilaterally by the US government, elimination of exemptions and loopholes to current Buy American legislation, penalties for companies that outsource US jobs or move their headquarters overseas, and a tougher approach to countries that use currency manipulation to improve their trade position at US expense. “Better Deal” was launched at an event last week in Virginia by Democratic US senators including Minority Leader Charles Schumer (NY), Tammy Baldwin (WI), Joe Donnelly (IN), and Joe Manchin (WV).
CPA vice chairman O’Shaughnessy is Chairman of Revere Copper Products, a New York state manufacturer that supplies copper products for civilian and military uses. “Many of the importers we compete against receive unfair support from their governments via the tax system or currency or other means. I have no doubt that if the US government took action to create a fair trading environment, US manufacturing companies would begin growing and hiring almost immediately.”
About CPA: The Coalition for a Prosperous America is the nation’s premier organization working on the intersection of trade, jobs, tax and economic growth. We represent the interests of 2.7 million households through our agricultural, manufacturing and labor members.
Contact Paola Masman