Snap Fact #154
President Obama Has Negotiated Trade Agreements To Boost American Business and Employment!
In October of 2011 President Obama signed the biggest trade package in 17 years. The trade agreements with South Korea, Colombia, and Panama will level the playing field for American workers and businesses, both small and big as well as American farmers.
Overall, the agreements are estimated to increase exports by approximately $13 billion and create/maintain more than 70,000 American jobs. The trade deals also protect American workers who lost jobs due to foreign competition and outsourcing. The 3 deals also include new terms on tariff on the auto industry in South Korea, tax information with Panama, and labor right issues with Colombia.
Speaking about the Bill, Jim McNerney, who is chief executive of the Boeing Co. and a member of Obama’s White House Jobs and Competitiveness Council said “It’s now time to build on this milestone and focus on the future.” He added that, "About 95 percent of the world’s consumers live outside the U.S."
The bill was one of the rare pieces of legislation that had the support of both parties. Upon passage, the President proudly stated, “Tonight's vote, with bipartisan support, will significantly boost exports that bear the proud label 'Made in America,' support tens of thousands of good-paying American jobs and protect labor rights, the environment and intellectual property," he added.
This bill was unusual in that it bridged the chasm across the aisle and actually had bipartisan support, although it was more enthusiastically supported by the congressional Republicans than Democrats. Even FOX News issued a more or less fair and balanced report on the passage of this trade agreement.