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Counter Weak Jobs Report with Expanded Trade

Feb 7, 2014

Solid data, excellent arguments and, alas, a weak jobs report for January reinforce the case for making economic growth the focus of what Washington does in 2014. Approving Trade Promotion Authority as the initial step toward more, jobs-creating trade is one good place to start.

From the Department of Commerce, Feb. 6, "Another Year, Another Export Record," drawing on the latest trade report from the U.S. Census:

[The] Department of Commerce announced that for the fourth year in a row, the United States has set a record for annual exports. Total U.S. exports for 2013 

There were record highs in both goods and services exports. Goods exports totaled 1.58 trillion, with records in a number of important sectors, including industrial supplies, consumer goods, and capital goods.

Service exports hit an all-time high of $682 billion, with records in several major service sectors. Travel and tourism was one record sector, as international visitors contributed $139 billion to the American economy.

In his Senate valedictory on Tuesday, Sen. Max Baucus (D-MT) paid tribute to his congressional peers Sen. Orrin Hatch (R-UT) and Rep. Dave Camp (R-MI), among others:

Orrin, Dave, and I recently worked together to introduce Trade Promotion Authority legislation to make Congress a full partner in trade negotiations. In trade, as in so many important areas, working together is the only way to get the job done.

Earlier this week, Speaker of the House John Boehner called on President Obama to reach out to congressional Democrats to make the case for Trade Promotion Authority. 

With jobs on the line, the president needs to pick up his phone and call his own party, so that we can get this done.

Right. As the BRT-led Trade Benefits America Coalition explains:

Trade is an important engine for U.S. economic growth and jobs. With more than 30 percent of U.S. GDP tied to international trade and investment, 95 percent of the world’s population abroad, and more than one in five U.S. jobs supported by trade, U.S. engagement in the international marketplace is more important to our nation’s economy than ever before. Passage of Trade Promotion Authority will help Congress and the President to work together to forge new and beneficial trade agreements for the United States. To learn how the United States as a whole benefits, click here.

 

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