U.S. Rep. Brady to push free trade deals with Trump administration
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
By David Lawder
WASHINGTON (Reuters) - U.S. House Ways and Means Committee Chairman Kevin Brady said on Monday he will continue to promote the benefits of free trade agreements with President-elect Donald Trump, including those offered under the Obama administration's Asian free trade deal.
Brady, a Republican, who described himself as a "champion of free trade," told a trade and politics forum that Trump will have to set his own priorities for trade, but these should include moves that pave the way for more U.S. exports.
"I hope that he allows us to make the case that to grow our economy, it's just not enough to buy American. We have to sell American all through out the world," U.S. Rep. Brady from Texas said. "These trade agreements, done right, strictly enforced, level that playing field."
Trump said during a grueling campaign that he would scrap President Barack Obama's 12-country Trans-Pacific Partnership (TPP) trade deal, renegotiate the U.S-Canada-Mexico North American Free Trade Agreement (NAFTA) and take a much tougher trade stance with China, labeling it a currency manipulator on his first day in office.
Obama had hoped for a vote on TPP in the weeks following the election, but Republican leaders in Congress have torpedoed this effort, leaving TPP's fate up to Trump, who has repeatedly called the deal a "disaster."
Brady said he thought the deal could eventually be resurrected if some provisions were fixed, including clearer protections for biologic drugs patents and financial services. But Trump needs time to set his trade policy priorities, take steps to accelerate economic growth and assess the role of exports in U.S. job creation.
Brady said he will emphasize that the Asia-Pacific market is a critical one for U.S. exporters that will be home to half the world's middle-class consumers by the end of this decade and the United States needs to have equal access to its competitors.
"If we withdraw or abandon that field completely, we lose and China wins in a major way, so my advice to him will be to not to withdraw (from TPP) but to renegotiate," Brady said. "Take the areas that he has real challenges with, make it better."
U.S. Trade Representative Michael Froman at the same forum sponsored by Politico and FedEx Corp, said that the TPP could not move forward before Trump takes office in January without congressional leaders supporting it.
Asked if TPP was dead, Froman said, "I think I prefer the word purgatory."
But Froman said that USTR would continue to work on broad trade agreements to end tariffs on environmental goods as well as a separate deal liberalizing services trade.
(Reporting by David Lawder; editing by Diane Craft)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- LPL Financial (LPLA) Said to Decide to Stay Independent After Reviewing Options - Bloomberg
- Sri Lanka approves 2017 budged aims to raise revenue through taxes
- Conflict over Russia is rocky start for Trump and intelligence agencies
Create E-mail Alert Related CategoriesReuters
Related EntitiesDonald J. Trump, Barack Obama
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!