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U.S. Would Lose Out to Rivals if Trade Deal Isn’t Passed, Kerry Says

Posted May 21, 2015

Under Economic Issues, International Trade Issues

(Bloomberg News)

The U.S. risks losing economic clout to global rivals including China if opponents succeed in blocking a Pacific trade deal backed by President Barack Obama, according to U.S. Secretary of State John Kerry.

“As orders shift from us to the rest of the world’s producers, the result would be boarded-up windows,” Kerry said in a speech Tuesday at Boeing Co.’s 737 aircraft factory in Renton, Washington, south of Seattle. “To give our firms the best chance to compete, we need agreements on trade.”

Obama and Kerry are promoting the 12-nation Trans-Pacific Partnership as a way to boost American exports and jobs. Their advocacy pits them against many fellow Democrats who say past trade deals have cost jobs, depressed wages and failed to protect the environment. Click here to read more.