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The Association of Equipment Manufacturers (AEM) says that the growing trade deficit underscores the need to pass pending free trade agreements and that exports equal jobs for American workers.
In an Aug. 15 statement released by AEM President Dennis Slater, he says that amid the growing “bad news” about the U.S. and world economies is the latest government data showing a growing trade deficit, the largest since October 2008, and exports declining for a second consecutive month.
The news was especially bad considering the weakness of the U.S. dollar, which usually boosts international demand for U.S. products.
“Last year AEM supported the President’s renewed emphasis on exports, and our association has advocated for immediate passage of the pending free trade agreements (FTAs) with Panama, Colombia, and South Korea,” Slater said in the statement. “Failure to enact these FTAs has put America’s manufacturers and farmers at a competitive disadvantage in the global economy. Existing trade barriers make it difficult to compete in countries that want American-made products.
Export-friendly policies such as FTAs are proven ways to generate U.S. economic growth and create and maintain jobs for American workers, for a sustainable recovery. While our leaders stall, countries around the world are negotiating dozens of FTAs to boost trade with other non-U.S. countries.
Global business demand helped many equipment manufacturers get through the recession, and they still rely on export sales, especially to emerging markets, for improved business results. We can’t afford to have global business taken away by other countries more supportive of their manufacturing sectors. America and its workers are being left behind.