Business, labor disagree on economic impact of Trade Promotion Authority

The heads of the nation's largest business group and largest union went head-to-head before Congress Tuesday on whether "fast-track" trade authority would help or hurt the nation's economy.

Taking the side of "help" was Tom Donohue, CEO of the U.S. Chamber of Commerce. Speaking before the Senate Finance Committee, Donohue urged lawmakers to reauthorize Trade Promotion Authority, noting that 95 percent of potential customers live outside the U.S.

"Without TPA, the United States will be relegated to the sidelines as other nations negotiate trade agreements without us—putting American workers, farmers, and companies at a competitive disadvantage," he said. http://uscham.com/1OFThlr

Critics of TPA believe it gives the president too much authority and allows for trade deals to be done behind closed doors, ultimately to the determent of U.S. workers. AFL-CIO President Richard Trumka urged lawmakers to abolish the "undemocratic" TPA.

"Congress cannot set meaningful negotiating objectives in a fast track bill if the administration has already negotiated most of the key provisions," he said. "And Congress will lose crucial leverage over any few remaining provisions by agreeing to fast track at this late date." http://bit.ly/1Ju0jIk

Most business groups support TPA. However, the legislation has met resistant from organized labor and their Democratic allies in Congress.