Will American Manufacturers Continue To Get Left Behind Due To New Trade Bill?
U.S. Senator Chris Murphy is doing what he can to help ensure that’s not the case: by introducing the Buy American amendment to the Trade Agreements Act. If passed with the Trade Agreements Act, The 21st Century Buy American amendment would limit trade agreement waivers that companies have taken unfair advantage of, and done disservice to U.S. manufacturers and workers.
Closing Loopholes And Returning Opportunities
The amendment is meant to ensure that American companies do not lose potential business as a result of domestic souring law waivers. These domestic sourcing laws apply to countries that maintain trade agreements with the U.S. While such laws may be waved when American-made goods are unavailable or only available at prohibitive costs, some agencies have managed to exploit the exemption via legislative loopholes, even when products are available at fair prices from U.S. manufacturers. Reportedly, hundreds upon hundreds of waivers granted by the U.S. Department Of Defense (DoD) have resulted in $475 million lost to companies overseas that could have potentially helped domestic defense manufacturers.
Making Manufacturing Prosperity A Priority
Sen. Murphy’s Buy American amendment would assure that companies will do indeed buy American whenever possible by limiting waivers to only legitimate truly cases. “For too long, we’ve been shipping money and jobs overseas instead of investing billions of dollars in our manufacturing economy,” Sen. Murphy said, adding that his state, Connecticut is lacking in opportunity for many talented and hardworking local manufacturers because the federal government isn’t prioritizing the prosperity of the American worker when doing business.
Sen. Murphy appears to be making domestic manufacturing prosperity one of his priorities as he as also introduced the American Jobs Matter Act along with fellow Connecticut Sen. Richard Blumenthal, which was meant to add extra assurance that the DoD would considered domestic employment levels when awarding contracts to manufacturers.
Open Markets And Level The Field
As the Trade Promotion Authority has passed the U.S. Senate and will be up for vote in the House of Representatives following its recess, do you think the American manufacturer will gain any substantial benefit? Will the bill, as John Kerry states in a recent press release ”…open markets and level the playing field for American businesses and workers by creating higher standards abroad”? Share your thoughts in the comments.