Sen. Grassley of Iowa made his statements this afternoon at a hearing he convened regarding the lack of progress by the U.S. government in opening new markets and breaking down non-tariff trade barriers.
"Vital interests for U.S. consumers, workers, farmers, and businesses are hurt by the absence of U.S. leadership," said Grassley. "The economic benefit to each American through expanded trade is $1,000 per year, or $4,000 for a family of four. We can't afford to miss out on opportunities to continue to expand free trade."
Grassley's hearing came just a few months in advance of the next round of multilateral trade negotiations scheduled for November in Seattle. He is chairman of the Finance Subcommittee on International Trade.
"We are hosting the meeting in November, yet the president of the United States is effectively without a seat at the table. The focus of the Seattle round is on agriculture. And the depressed farm crisis we have today underscores the critical importance of trade to farmers' income," said Grassley. "Other countries won't have the confidence to negotiate an agreement with us if our president doesn't have fast track-authority."
During the hearing, Grassley released a letter from former President George Bush. Bush wrote that it is "extremely important that we enter the new world trade negotiations from a position of strength, united in our purpose, and firm in our commitment to free trade. The best way we can do that is to renew the president's trade negotiating authority now, before the talks get underway."
Grassley also pointed out during the hearing that trade agreements with Chile, as well as negotiations to create a "Free Trade Area of the Americas," have ceased or nearly slowed to a halt because leaders of other countries are unwilling to negotiate agreements which may be altered by Congress.
"American leadership on trade has raised standards of living, created higher-paying jobs, reduced costs to consumers, and exported our ideals of democracy and freedom around the globe. We must quickly take action, or our position as a leader in the world economy could be seriously diminished," said Grassley.