Congress prepares to vote on free trade agreements with South Korea, Colombia and Panama |
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October 12, 2011
WASHINGTON — Acting in rare harmony, Congress is preparing to approve three free trade agreements that advocates say will boost exports, give the economy a needed shot in the arm and help put Americans back to work.
WASHINGTON — Acting in rare harmony, Congress is preparing to approve three free trade agreements that advocates say will boost exports, give the economy a needed shot in the arm and help put Americans back to work.
The trade agreements with South Korea, Colombia and Panama are being trumpeted as economic victories by President Barack Obama and most congressional Republicans. Democrats, traditionally wary of free trade, are more ambivalent, but all three pacts are expected to pass easily when they come up in the House and Senate on Wednesday.
The Senate on Tuesday passed another trade-related bill that would raise tariffs on Chinese goods if China does not adjust its undervalued currency, which makes Chinese exports cheaper and contributes to the $273 billion U.S. trade imbalance. That legislation, however, is opposed by House GOP leaders fearful of starting a trade war with China and is unlikely to advance.
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