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October 5, 2011 – Today, Nebraska’s Senator Ben Nelson said he is optimistic about three plans to increase trade, create jobs, and protect American workers.
“I’m pleased Washington is addressing jobs in three ways that will benefit Nebraskans. It’s focused on increasing trade, but making sure that with free trade, we’ll also see fair trade. I welcome that because, since I was governor, I’ve fought for free and fair trade,” Senator Nelson said on his weekly conference call with the Nebraska news media. “These three trade issues will help create American jobs and protect American workers.”
The three trade bills mentioned by Nelson are:
- The Trade Adjustment Assistance Act, which was recently approved by the Senate to assist with the transition of workers and businesses that are negatively affected by free trade agreements. Nelson added that he does not expect there to be any negative effects in Nebraska.
- Pending trade agreements with Korea, Panama, and Columbia have been sent to Congress by the president. Nelson said Congress should approve the agreements soon and added, “These trade agreements are important job creators for Nebraskans.”
When approved, the agreements will lower trade barriers which will increase exports estimated to create 1,100 new jobs for Nebraskans and pump an additional $120 million into Nebraska’s economy in agricultural exports alone.
Over the last decade, Nebraska has exported $148 million in food products to Korea. Under the new agreement, many of these foods will receive duty-free treatment, which will boost exports even more.
Nebraska chemical manufacturers have exported $10 million of merchandise to Korea in recent years, and Nebraska machinery manufacturers have exported $2.7 million a year to Korea, all of which will rise when the Korea trade agreement is approved by Congress.
- The Currency Exchange Rate Oversight Reform Act, which Nelson co-sponsored, is moving through the Senate right now. It would protect American workers from unfair trade-related practices in China and other countries that intentionally devalue their currency.
The U.S. trade deficit with China, which is exacerbated by China’s currency manipulation, has caused more than 11,500 Nebraskans to lose their jobs in the last decade, according to the Economic Policy Institute. (http://www.epi.org/files/2011/bp323_supplemental_table_b.pdf)
“Appropriate currency valuations overseas will create job opportunities here at home,” Nelson said. “There’s an important principle at stake: working people in Nebraska and across our country need someone to fight for their jobs, and that’s what we’re doing.”
“Taken together, it’s good to see Washington protecting Nebraska workers, preparing them to compete in the 21st Century, and promoting both free AND fair trade. It’s all about jobs,” Nelson said. “Nebraskans tell me they want a job, a better job and a growing state economy. I’m listening to them and I’m pushing to make sure Washington is, too.”
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