Trade

Where We Stand

International trade supports millions of American jobs. More than 95% of consumers of American goods live outside of our borders, and their demand for American goods and services is growing every day. One in three manufacturing jobs depends on exports, and one in three acres on American farms are planted for hungry consumers overseas. These overseas markets represent 73% of the world’s purchasing power and 87% of its economic growth.

Booming exports generated more than a quarter of U.S. GDP growth in 2007, helping counter the downturn in the housing and finance sectors (U.S. Office of the Trade Representative). In 2010, developing countries purchased 53% of U.S. goods and exports, leading to a spike in sales to East Asia and the Americas.

Combining sales of manufactured goods, farm products, services, and natural resources, the United States tops both Germany and China by about $200 billion as the world’s top exporter.

Many foreign countries still impose steep tariffs on U.S. exports, while the U.S. market is already open to imports. For American workers and farmers, that's just not fair.

New trade agreements are the solution to this problem. By eliminating foreign tariffs and other barriers and burdens to U.S. exports, trade agreements create a level playing field for American workers and farmers.

Approving Permanent Normal Trade Relations with Russia

One important opportunity is to approve legislation proving permanent normal trade relations (PNTR) with Russia, and graduating from the Cold War restraints applied under the Jackson-Vanik Amendment. Next month, Russia will join the World Trade Organization (WTO). If Congress refuses to establish what should be a short and simple bill, the US economy will be barred from enjoying the advantages that the other WTO countries will enjoy from Russia’s membership.

Applying PNTR to Russia is absolutely vital to growing American exports and jobs. As the 11th largest economy in the world with a rising middle class full of eager consumers, last year American companies enjoyed the fastest export growth in Russia. In fact, granting PNTR could result in double or triple the size of U.S. exports to Russia. Meanwhile, the United States gives up nothing — not a single tariff — in approving PNTR with Russia.

Take action by adding your organization’s name in support of this important issue for American companies, jobs, and the economy.

The U.S. Chamber is committed to expanding global engagement through a robust agenda that will generate jobs and growth. Exports will continue to play an important role in U.S. economic stimulus and growth. In addition to more jobs for U.S. workers, it provides families with lower prices and more choices when they shop. Read more about why Permanent Normal Trade Relations with Russia is in United States national interest.