Senators fail to help U.S. workers and businesses.
UPDATE: The Senate voted to reject the Portman-Stabenow amendment to address currency manipulation on Friday afternoon by a vote of 48-51. This is a loss for American workers and businesses, Alliance for American Manufacturing President Scott Paul said in a statement:
“The Senate failed American manufacturers and workers today by not including strong, enforceable currency provisions in TPA. The Trans-Pacific Partnership will not live up to the hype because the most significant 21st century barrier to trade – currency manipulation – was left out. A stacked deck won’t allow our nation to enjoy the benefits of expanded trade.”
The Senate voted to advance Trade Promotion Authority (TPA) on Thursday, setting the stage for the chamber to consider several amendments to the legislation, including two key measures designed to level the playing field for American workers and businesses.
The first is the much-discussed Portman-Stabenow amendment, which seeks to combat currency cheating with strong and enforceable provisions in TPA. Currency manipulation is the most significant 21st century trade barrier facing American businesses today, and this bipartisan amendment seeks to ensure it is addressed during negotiations for Trans-Pacific Partnership (TPP), a massive trade deal between the United States and 11 Asia-Pacific nations.
Senators also could vote on an amendment from Ohio Sens. Rob Portman (R) and Sherrod Brown (D) that would make it easier for U.S. industries to fight back against unfair foreign trade practices. Businesses and workers would be able to petition the Commerce Department and the International Trade Commission when foreign producers sell their products in the United States under fair market value or unfair government subsidies.
“U.S. companies and American workers can outcompete anyone if the playing field is level, but when unfair trade occurs our trade remedy laws are necessary to ensure that free market principles are upheld." Scott Paul, president of the Alliance for American Manufacturing
This is a crucial amendment — you might recall that in March, business and labor leaders from the steel industry came together to warn Congress that thousands of good-paying jobs already have been lost (and hundreds of thousands more are at-risk) because of unfair steel dumping by countries such as China.
Meanwhile, the House of Representatives also is taking action to address unfair trade. Rep. Mike Bost (R-Ill.) is leading the effort in that chamber to help U.S. businesses and workers to address the unfair dumping of foreign products into the United States.
Bost introduced the American Trade Enforcement Effectiveness Act alongside fellow Illinois Rep. Rodney Davis (R) on Thursday. Similar to the amendment introduced by Sens. Portman and Brown, the measure is backed by several steel industry leaders, including U.S. Steel Corporation President Mario Longhi. Alliance for American Manufacturing President Scott Paul sent a letter of support on Friday to Bost and Davis, thanking them for their work and urging other Members to cosponsor the bill.
“U.S. companies and American workers can outcompete anyone if the playing field is level, but when unfair trade occurs our trade remedy laws are necessary to ensure that free market principles are upheld,” Paul wrote. “These laws have been weakened over time, however, and have become a less-effective tool to counter 21st century predatory practices by China and other trade cheaters.”