Stay of Execution: Trade Agreements Stall As Economy Wobbles
Business Credit › Vol. 111 Nbr. 8, September 2009
Linked as:
Summary
The US is firmly nestled between a rock and a hard place. Unemployment continues to inch higher into double digits as companies are forced to jettison thousands of positions, despite the budding promises of rebound. Trade agreements have been both praised and vilified, existing as a barbed subject in US policy. The US is already by far Panama's largest trading partner, representing 33% of Panama's imports, while purchasing 36% of all Panamanian exports. Currently, US pork exports to Panama are restricted by small quotas and out-of-duty quota duties as high as 80%. Once the Panama trade agreement is passed, pork exports to Panama will result in $23 million in additional revenue. As it stands, a Panama free trade agreement won't likely be broached again by Congress until next year when the debates over health care, the auto industry and financial reform will no longer dominate session time.
See the full content of this document
Extract
Stay of Execution: Trade Agreements Stall As Economy Wobbles
The United States is firmly nestled between a rock and a hard place. Unemployment continues to inch higher into double digits as companies are forced to jettison thousands of positions, despite the budding promises of rebound. In the meantime, Congress is squaring off in a massive undertaking as President Barack Obama's health care overhaul is the number one topic of debate. The legislative agenda is full with auto bankruptcies, modernization of federal oversight of the financial system and the hard landing of the agricultural economy. For the most part, the issues of increasing international trade are being pushed to the back burner.
Unfortunately, expanded trade is almost essential as the weight of recession has fallen onto the back of the United States, leaving American businesses scrambling for ...See the full content of this document
Sponsored links
