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| Rep. Adrian Smith |
Producers throughout the Third District stress to me how crucial trade is to their economic success. Not only do trade agreements and memberships in international trade organizations open new markets for Nebraska products, but they can also level the playing field for producers, manufacturers, and consumers by ensuring everyone abides by the same set of rules.
A great achievement happened just this month when China dropped some of its export subsidies following a dispute brought by the U.S. to the World Trade Organization. This is a vital step in bringing relief to U.S. industries forced to compete with artificially low-cost Chinese products. The ruling by the World Trade Organization demonstrates our ability to hold our trading partners accountable while increasing market access for U.S. products.
In the Ways and Means Subcommittee on Trade, we unanimously passed a bill this week called the American Manufacturing Competitiveness Act. I am a cosponsor of this legislation to reform the Miscellaneous Tariff Bill, or MTB, process.
The MTB temporarily suspends tariffs on imported goods needed by U.S. manufacturers for which there is no domestic production, reducing their import costs and helping them compete globally. Since 2012, when the last MTB package expired, U.S. companies have been forced to shoulder an annual $748 million tax increase. According to the National Association of Manufacturers, this costs our economy nearly $2 billion annually.
Approximately 50 percent of the last MTB package was targeted toward agriculture products, increasing its importance to the Third District – the top agriculture district in the country. By passing a new MTB, we can help producers throughout the supply chain lower their costs, increase production, and create more jobs.
Trade agreements currently being considered by the U.S. also have the potential to break down barriers for Nebraska exporters. Negotiations on the Trans-Pacific Partnership (TPP) among the U.S. and 11 other countries on the Pacific Rim have concluded, and the agreement is now being reviewed. In Nebraska, 109,000 jobs depend on trade with these countries.
Through my role on the Ways and Means Committee, I am helping to vet TPP while gathering feedback from Nebraska producers and consumers. So far, I am encouraged by the broad support for the agreement throughout the agriculture sector. I am closely monitoring newly proposed domestic support programs for pork and beef in Japan, one of the world’s largest economies, to ensure barriers to Nebraska products would indeed be lowered under TPP.
We have the opportunity to engage in extensive review of TPP and other agreements because Congress passed the Trade Priorities and Accountability Act (TPA) last year, which established a process for scrutiny and congressional oversight. With TPA in place, President Obama cannot simply bypass Congress and the American people and sign TPP into effect. I have consistently supported efforts to achieve the best possible TPP for Nebraska producers and consumers, and I will continue to diligently examine the details of the agreement.
Meanwhile, the U.S. and the European Union are in the process of negotiating the Transatlantic Trade and Investment Partnership, another trade agreement which provides additional opportunities to combat unscientific efforts which attempt to keep modern agriculture products out of the marketplace.
To maintain U.S. leadership in the global economy, we must be involved in writing the rules rather than leaving this responsibility to China and other growing world powers. I will continue working to ensure Nebraska and our country gets the best possible agreements to help our exporters compete in more markets and drive economic growth.
In the Ways and Means Subcommittee on Trade, we unanimously passed a bill this week called the American Manufacturing Competitiveness Act. I am a cosponsor of this legislation to reform the Miscellaneous Tariff Bill, or MTB, process.
The MTB temporarily suspends tariffs on imported goods needed by U.S. manufacturers for which there is no domestic production, reducing their import costs and helping them compete globally. Since 2012, when the last MTB package expired, U.S. companies have been forced to shoulder an annual $748 million tax increase. According to the National Association of Manufacturers, this costs our economy nearly $2 billion annually.
Approximately 50 percent of the last MTB package was targeted toward agriculture products, increasing its importance to the Third District – the top agriculture district in the country. By passing a new MTB, we can help producers throughout the supply chain lower their costs, increase production, and create more jobs.
Trade agreements currently being considered by the U.S. also have the potential to break down barriers for Nebraska exporters. Negotiations on the Trans-Pacific Partnership (TPP) among the U.S. and 11 other countries on the Pacific Rim have concluded, and the agreement is now being reviewed. In Nebraska, 109,000 jobs depend on trade with these countries.
Through my role on the Ways and Means Committee, I am helping to vet TPP while gathering feedback from Nebraska producers and consumers. So far, I am encouraged by the broad support for the agreement throughout the agriculture sector. I am closely monitoring newly proposed domestic support programs for pork and beef in Japan, one of the world’s largest economies, to ensure barriers to Nebraska products would indeed be lowered under TPP.
We have the opportunity to engage in extensive review of TPP and other agreements because Congress passed the Trade Priorities and Accountability Act (TPA) last year, which established a process for scrutiny and congressional oversight. With TPA in place, President Obama cannot simply bypass Congress and the American people and sign TPP into effect. I have consistently supported efforts to achieve the best possible TPP for Nebraska producers and consumers, and I will continue to diligently examine the details of the agreement.
Meanwhile, the U.S. and the European Union are in the process of negotiating the Transatlantic Trade and Investment Partnership, another trade agreement which provides additional opportunities to combat unscientific efforts which attempt to keep modern agriculture products out of the marketplace.
To maintain U.S. leadership in the global economy, we must be involved in writing the rules rather than leaving this responsibility to China and other growing world powers. I will continue working to ensure Nebraska and our country gets the best possible agreements to help our exporters compete in more markets and drive economic growth.
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