[CTC] Fwd: U.S. Labor Complaint Against Guatemala Is First With a Trade-Pact Partner

[Arthur Stamoulis]

US House approves bill to study how to cut trade gap

http://www.forexyard.com/en/news/House-approves-bill-to-study-how-to-cut-tra
de-gap-2010-07-28T190223Z-US

 

(Reuters) - A measure creating a bipartisan commission to recommend ways to
eliminate the huge U.S. trade deficit with China and other countries cleared
the U.S. House of Representatives on Wednesday.

 

Lawmakers approved the bill on a voice vote as part of a "Make it in
America" agenda promoted by House Democrats ahead of the November
congressional elections to address voters' concerns about persistently high
U.S. unemployment.

 

The House also passed a bill to boost U.S. clean energy technology exports
and was expected to vote later on Wednesday on a bill requiring President
Barack Obama to develop a national strategy to promote U.S. manufacturing.

 

The Senate must approve all three measures and the president must sign them
before they become law.

 

The U.S. trade deficit totaled $375 billion in 2009, down sharply from $699
billion in 2008 as result of the global financial crisis that badly damaged
world trade. However, with U.S. economic growth on the rebound, the trade
gap has started widening again and already reached nearly $200 billion in
the first five months of this year.

 

A big portion of the U.S. trade gap is with China, which many lawmakers
blame for heavy U.S. manufacturing job losses over the past decade.

 

The bill crafted by Democratic Representative Peter DeFazio would establish
a bipartisan commission to study the causes of the trade gap, with a
particular focus on foreign currency and trade practices.

 

It would require the panel, within 16 months of enactment, to recommend to
the White House and Congress specific strategies for reducing the gap with
China and other countries such as Japan, Mexico and members of the 27-nation
European Union, which run significant surpluses with the United States.

 

An earlier version of the bill would have barred the White House from
submitting new trade deals to Congress until the trade deficit panel
completed its work. That provision was dropped from the final measure.
(Reporting by Doug Palmer; Editing by Xavier Briand)

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