Manufacturers are rallying behind bipartisan Trade Promotion Authority (TPA) legislation introduced last week by Senate Finance Committee Chairman Orrin Hatch (R-UT), Ranking Member Ron Wyden (D-OR) and House Ways and Means Committee Chairman Paul Ryan (R-WI).
The new trade legislation would renew TPA, allowing the United States to conclude and implement comprehensive, market-opening trade agreements that will strengthen the global competitiveness of manufacturers nationwide.
“Manufacturers need TPA and new market-opening trade agreements now more than ever,” National Association of Manufacturers (NAM) Vice Chair for International Economic Policy and Emerson CEO and Chairman David Farr said. “Trade is increasingly critical for the bottom lines of businesses of all sizes, but U.S. exports face higher tariffs and more barriers abroad than nearly any other major economy. Manufacturers need TPA to restore U.S. leadership in striking new trade deals that will knock down barriers so that manufacturers can improve their access to the world’s consumers.”
TPA, which was last renewed in 2002, expired in 2007. In October 2013, the NAM board of directors passed a resolution calling on Congress and the Obama Administration to work together to re-establish TPA so the U.S. can continue to open overseas markets.
“Where there is a level playing field abroad, manufacturers in the United States are succeeding,” NAM Vice President of International Economic Affairs Linda Dempsey said.