Trade Promotion Authority
The South Carolina Chamber of Commerce applauds Congress for passing the Trade Promotion Authority (TPA), a tool essential to ensuring the nation remains a global leader in trade. The business community wants to thank those members of the South Carolina delegation - Senators Tim Scott and Lindsey Graham as well as Representatives Trey Gowdy, Joe Wilson, Mark Sanford and Tom Rice - for their leadership and support of this important issue.
TPA is a critical step in renewing America’s leadership on trade and creating more opportunities for job creation. Passing TPA is key to increasing South Carolina manufacturers’ global competitiveness by empowering businesses to sell more “Made in the USA” products overseas. Today, 95 percent of the world’s consumers live outside of the United States, and South Carolina manufacturers, farmers and service providers depend on the ability to send their products worldwide. Markets outside of the U.S. represent 80 percent of the world's purchasing power. The ability for the U.S. Executive Branch and Congress to work together on trade deals is essential.
Did You Know?
- More than six million U.S. manufacturing jobs depend on exports, and those jobs pay about 18 percent more than other jobs.
- One in three acres on American farms is planted for export.
- More than 97 percent of the 300,000 U.S. companies that export their products are small and medium-sized businesses.
This Version of TPA:
Strengthens congressional engagement in trade negotiations and gives Congress a seat at the table as new trade deals are finalized. When trade agreements are reached, Congress must approve or reject the plan. TPA does not provide new power to the Executive Branch, but rather reaffirms the role of Congress in the development and oversight of trade policy. One improvement with this TPA is it requires more government transparency by setting parameters for which the Executive Branch must negotiate under and publicly posting any trade agreement months before it is voted on by Congress. With TPA, any American can preview trade deals before votes are taken.