Page 16 - THE SOUTH CHINA BUSINESS JOURNAL
P. 16
C. TODAY
Calling on Congress:
America Must Lead
on Trade By Myron Brilliant
Executive Vice President and Head of International
Affairs, U.S. Chamber of Commerce
America's economic growth hinges they support – not to mention weakening
on trade and some in Congress have strategic alliances.
laid out trade priorities that the
U.S. Chamber strongly supports. It's FTAs are crafted to make trade fair. U.S.
time for America to lead on trade. negotiators use them to lower the steep
tariffs other countries levy on U.S. exports
The economy is slowing, and recession fears as well as other “non-tariff” barriers. U.S.
are rising. For several years, government exports to other countries face an average
spending has played an outsized role in tariff of 6.8%, roughly three times the level
driving economic growth — but with deficits the U.S. imposes.
soaring, this can’t go on forever.
According to a report by the World Economic
The American economy needs growth. In our Forum, the U.S. ranks a disastrous 130th
Calling on Congress series we have so far out of 136 economies in terms of the “tariffs
examined how to achieve that by finding ways to faced” by our exports overseas.
fill the many vacant jobs across the country and
increasing the number of public companies. One major reason American exporters
are often at a disadvantage in key foreign
Our economic growth also hinges on trade. markets is that so many other countries
Americans derive huge benefits from trade. have negotiated FTAs with one another.
More than 30% of all private sector jobs in the
U.S. depend on trade — especially in key sectors According to the World Trade Organization
like manufacturing and agriculture. (WTO), 354 bilateral or plurilateral FTAs
are in force around the globe today — up
But unfortunately, America is not yet moving from about 100 at the turn of the century.
the needle on trade. To be fair, the Biden However, as noted, the United States has
Administration did launch the Indo-Pacific FTAs with just 20 countries.
Economic Framework for Prosperity this past year
which the U.S. Chamber does support in principle This means U.S. exporters are often among a
– but many governments and corporate leaders minority paying tariffs to sell their wares in
are skeptical that this will lead to real economic key markets.
growth because there is no market access in
the agreement and no compelling reason why Nor is the situation getting easier. In the
governments in Asia will go along and accept U.S. critical Indo-Pacific region, huge multi-
standards in such areas as digital trade without country trade agreements like the Regional
tangible benefits to them. Comprehensive Economic Partnership
and the Comprehensive and Progressive
It has been a decade since the United States Trans-Pacific Partnership are providing
added to the list of 20 countries where we workers, companies, and farmers from the
have free-trade agreements (FTAs) in force. participating countries with preferential
Meanwhile, other economies are racing to ink access to one another’s markets.
new trade deals including the EU and China.
It isn’t just Asia, either. The EU has trade
If the United States continues to stand still, agreements in place with 78 countries,
we’ll lose export sales and the domestic jobs Canada with 54, Mexico 50, and China
35. And Africa is hard at work making its
continental free-trade zone a reality.
13 AMCHAM SOUTH CHINA
Calling on Congress:
America Must Lead
on Trade By Myron Brilliant
Executive Vice President and Head of International
Affairs, U.S. Chamber of Commerce
America's economic growth hinges they support – not to mention weakening
on trade and some in Congress have strategic alliances.
laid out trade priorities that the
U.S. Chamber strongly supports. It's FTAs are crafted to make trade fair. U.S.
time for America to lead on trade. negotiators use them to lower the steep
tariffs other countries levy on U.S. exports
The economy is slowing, and recession fears as well as other “non-tariff” barriers. U.S.
are rising. For several years, government exports to other countries face an average
spending has played an outsized role in tariff of 6.8%, roughly three times the level
driving economic growth — but with deficits the U.S. imposes.
soaring, this can’t go on forever.
According to a report by the World Economic
The American economy needs growth. In our Forum, the U.S. ranks a disastrous 130th
Calling on Congress series we have so far out of 136 economies in terms of the “tariffs
examined how to achieve that by finding ways to faced” by our exports overseas.
fill the many vacant jobs across the country and
increasing the number of public companies. One major reason American exporters
are often at a disadvantage in key foreign
Our economic growth also hinges on trade. markets is that so many other countries
Americans derive huge benefits from trade. have negotiated FTAs with one another.
More than 30% of all private sector jobs in the
U.S. depend on trade — especially in key sectors According to the World Trade Organization
like manufacturing and agriculture. (WTO), 354 bilateral or plurilateral FTAs
are in force around the globe today — up
But unfortunately, America is not yet moving from about 100 at the turn of the century.
the needle on trade. To be fair, the Biden However, as noted, the United States has
Administration did launch the Indo-Pacific FTAs with just 20 countries.
Economic Framework for Prosperity this past year
which the U.S. Chamber does support in principle This means U.S. exporters are often among a
– but many governments and corporate leaders minority paying tariffs to sell their wares in
are skeptical that this will lead to real economic key markets.
growth because there is no market access in
the agreement and no compelling reason why Nor is the situation getting easier. In the
governments in Asia will go along and accept U.S. critical Indo-Pacific region, huge multi-
standards in such areas as digital trade without country trade agreements like the Regional
tangible benefits to them. Comprehensive Economic Partnership
and the Comprehensive and Progressive
It has been a decade since the United States Trans-Pacific Partnership are providing
added to the list of 20 countries where we workers, companies, and farmers from the
have free-trade agreements (FTAs) in force. participating countries with preferential
Meanwhile, other economies are racing to ink access to one another’s markets.
new trade deals including the EU and China.
It isn’t just Asia, either. The EU has trade
If the United States continues to stand still, agreements in place with 78 countries,
we’ll lose export sales and the domestic jobs Canada with 54, Mexico 50, and China
35. And Africa is hard at work making its
continental free-trade zone a reality.
13 AMCHAM SOUTH CHINA
