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Free Trade Overview

Free Trade Overview. Republican Policy Committee October 11, 2011. Myth No. 1 We don’t export anything. False: The U.S. is the world’s largest exporter. Agricultural Products $108 billion. Other Merchandise (fuels, minerals, etc.) $71 billion. Manufactured Goods $1.10 trillion.

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Free Trade Overview

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  1. Free Trade Overview Republican Policy Committee October 11, 2011

  2. Myth No. 1 We don’t export anything False: The U.S. is the world’s largest exporter Agricultural Products$108 billion Other Merchandise (fuels, minerals, etc.) $71 billion Manufactured Goods$1.10 trillion Services$543 billion Total 2010 Exports: $1.83 trillion Source: U.S. Department of Commerce

  3. Myth No. 2 “Made-in-USA” doesn’t sell False: U.S. goods and services are popular Leading U.S. Export Markets U.S. exports rose by 79% in five years (2003-2008) Source: U.S. Department of Commerce, 2008 merchandise exports

  4. Myth No. 3 Trade is just for big business False: Exports are critical to small business No. of U.S. Exporters U.S. Merchandise Exports Larger Exporters: 7,079 (3%) Smaller Firms ($360b) Smaller Exporters: 281,668 (97%) Larger Firms ($790b) • In the past 15 years, the number of small • businesses exporting has doubled • Their total export sales have tripled Source: U.S. Department of Commerce

  5. Myth No. 4 FTAs are unfair to workers False: The U.S. market is already wide open while many foreign markets have high tariffs FTAs aren’t the problem—they’re the solution! They create a level playing field by ending all tariffs—in both directions. FTAs: 40.7% of U.S exports in 2010 Source: USTR

  6. America Left Behind • 283 FTAs in force worldwide, U.S. has 17 • 100 FTAs under negotiation, U.S. participating in just one of these (TPP) • Europe and Asia moving ahead No. of FTA Partner Countries 57 52 45 17 Source: WTO

  7. Colombia, Panama, South Korea Good agreements signed many years ago Trade competitors/Loss of market share The International Trade Commission estimates that implementation of the three export-opening trade agreements would increase U.S. exports by at least $13 billion and add $10 billion to U.S. GDP.  Using the Administration’s own measure, such an increase in U.S. exports could create 250,000+ American jobs. Pending Trade Agreements

  8. Christopher Wenk Senior Director, International Policy U.S. Chamber of Commerce cwenk@uschamber.com U.S. Chamber Trade Information Website: www.tradesupportsjobs.com

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