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Analysis: Cap-and-Tax a Disaster for U.S. Exports

March 24, 2009

Washington D.C. – Trade Subcommittee Ranking Member Kevin Brady (R-TX) issued the following statement today upon the release of a committee analysis which shows the detrimental effects energy tax hikes would have on U.S. exports:

 “If Congress moves hastily to impose risky new cap-and-trade energy taxes, America stands to lose a stunning $162 billion in export sales – a drastic 30 percent loss of American-made products and services. Despite proponents’ claims that few industries would be affected, this analysis based on data from the EPA, clearly shows that U.S. exporters in 52 key economic sectors across the spectrum of manufacturing, agriculture, and services would experience severe losses in exports as a result of higher coal, oil and natural gas prices. Congress should avoid a rush-to-legislation that could significantly damage the U.S. economy and threaten the jobs of many hard-working Americans.”

• Attachment: “Impact of Energy Tax Hikes Chart”