On the recordJune 12, 2015
I insert in the Record a chart showing that we have a $100 billion trade deficit with our FTA countries. Those are the official statistics of the U.S. International Trade Commission. Public Citizen, Washington, DC, February 2015. Job-Killing Trade Deficits Surge Under FTAs: U.S. Trade Deficits Grow More Than 425% With FTA Countries, but Decline 11% With Non-FTA Countries The aggregate U.S. goods trade deficit with Free Trade Agreement (FTA) partners is more than five times as high as before the deals went into effect, while the aggregate trade deficit with non-FTA countries has actually fallen. The key differences are soaring imports into the United States from FTA partners and lower growth in U.S. exports to those nations than to non-FTA nations. Growth of U.S. exports to FTA partners has been 20 percent lower than U.S. export growth to the rest of the world over the last decade (annual average growth of 5.3 percent to non-FTA nations vs. 4.3 percent to FTA nations from 2004 to 2014). The aggregate U.S. trade deficit with FTA partners has increased by about $144 billion, or 427 percent, since the FTAs were implemented. In contrast, the aggregate trade deficit with all non-FTA countries has decreased by about $95 billion, or 11 percent, since 2006 (the median entry date of existing FTAs). Using the Obama administration's net exports- to-jobs ratio, the FTA trade deficit surge implies the loss of about 780,000 U.S. jobs.…
