White House Sends Congress Trio Of Trade Deals

President Obama today sent Congress three key trade packages that the White House says would boost American exports by over $12 billion annually.

The deals with South Korea, Panama and Colombia have been in the works for years, and should receive approval in both the House and Senate as long as leaders from both parties agree to renew a Trade Adjustment Assistance Program that has long stood in the way of getting the deals finalized.

The program provides benefits and other services to U.S. workers who lose their jobs or suffer wage reductions as a result of increased imports or American jobs moving overseas.

In a statement, Obama pressed leaders to reauthorize TAA and said that it “will help workers whose jobs have been affected by global competition.”

The Hill reported earlier today that Congress is close to renewing the TAA component, with House Speaker John Boehner (R-Ohio) having signaled his intention to pass a Senate-approved measure.

The trio of trade deals — originally crafted under former President George W. Bush — languished for years while lawmakers argued over their impact on the nation’s economy. The current administration, led by U.S. Trade Representative Ron Kirk, modified the accords to calm environmental concerns, as well as fears over foreign labor and tax standards.

According to the White House, the South Korea accord alone could yield as many as 700,000 new American jobs, most of them coming in the nation’s manufacturing sector. The White House estimates that the Panama deal would provide the U.S. with greater access to a rapidly growing economy that expanded by over 6 percent last year, while the agreement with Colombia would grow America’s GDP by roughly $2.5 billion.