Colombia FTA Would Help Caterpillar, American Workers
Despite the President’s media tour of Caterpillar this year to tout the stimulus bill that passed in mid-February, the company announced another 2,500 layoffs today. Adding to Caterpillar’s woes is Speaker Pelosi’s continued refusal to act on the U.S.-Colombia trade agreement. Colombia is a major market for Caterpillar, and implementation of the trade agreement would eliminate high duties on the products that it manufactures in the United States for export to Colombia. The U.S.-Colombia trade agreement is a powerful economic stimulus that doesn’t require one dime of government spending.
FACT: Implementation of the Colombia FTA would eliminate duties of up to $200,000 on each truck Caterpillar exports to Colombia. The elimination of these duties would make Caterpillar’s exports more competitive and affordable, which means more exports of American-made equipment and more U.S. jobs.
FACT: In terms of the entire U.S. economy, the Colombia FTA would boost U.S. exports to Colombia by at least $1.1 billion – helping to protect, save and create good-paying American jobs.
FACT: Congressional inaction is harming American workers. It has been 847 days since the agreement was signed, but Speaker Pelosi continues to block a vote on the agreement.
FACT: In those 847 days, U.S. exporters have paid over $1.8 billion in unnecessary tariffs on American-made goods, amounting to $2 million each day.