Trade Promotion Authority would give President Obama a more streamlined process for finalizing free trade agreements like the Trans-Pacific Partnership.
The U.S. Senate is expected to begin debate and vote Tuesday on Trade Promotion Authority that would give President Obama a more streamlined process for finalizing free trade agreements.
The vote could be close as many Democrats, including Minority Leader Harry Reid, have expressed strong opposition on concern that more open trade would lose U.S. jobs to cheap imports. Business groups argue that lower tariffs and non-tariff barriers will make it easier for U.S. companies to increase export of goods and services to other markets.
In an op-ed on Fox News Monday, National Retail Federation CEO Matthew Shay urged Congress to pass TPA.
“Trade agreements also help lower barriers to investment, allowing retailers to open stores overseas. American retailers are continually looking for opportunities to expand foreign operations. This expansion not only benefits U.S. retailers, but also U.S. vendors looking for opportunities to sell their goods abroad,” Shay wrote. “While retailers might not make products, they create markets that allow companies to sell their goods around the world. This is even more important as e-commerce continues to grow at a record pace, enabling small and medium-sized retailers to reach consumers beyond our shores.”
President Obama last Friday traveled to Nike headquarters in Beaverton, Ore. to make the case for trade and creating the Trans-Pacific Partnership agreement, a huge pact covering a dozen nations and 40 percent of the global economy.
Senate expected to vote on TPA
