Camp, Brady Statements on Trade Deficit Commission (H.R. 1875)
Washington, DC – Ways and Means Ranking Member Dave Camp (R-MI) and Trade Subcommittee Ranking Member Kevin Brady (R-TX) today released the following statements regarding H.R. 1875, legislation to create a commission to examine the trade deficit.
CAMP: “I will support this legislation today because it is an attempt to help U.S. manufacturers. But let’s be clear – another commission, especially one that is wrongly premised on the notion that we should apologize for or even avoid trade – is hardly what private sector job creators need…We have years of real world results to understand that the best way to increase American exports and reduce the trade deficit is to open more foreign markets. The United States has trade agreements with 17 countries, and in 2009 we had a trade surplus in manufactured products of over $26 billion with these countries. So far in 2010, we have a trade surplus in manufactured products of $9.4 billion with these countries. The three pending trade agreements would continue this success. According to the independent, non-partisan U.S. International Trade Commission, these three agreements could increase U.S. exports by at least $13 billion. This substantial increase in U.S. exports is possible because these agreements level the playing field for American workers.” (To read Camp’s complete statement, click here)
BRADY: “It’s important to tackle America’s trade deficit the right way, and everyone understands another government commission is no substitute for new customers for American workers, farmers and manufacturers”, said Congressman Brady. “The best way to shrink the trade deficit while strengthening America’s economy is to reduce America’s dependence on foreign oil and open the world to more U.S. products and services. If they are serious, Democrats and the White House can start by taking up and passing the pending trade agreements with South Korea, Panama and Colombia.”