No More New Free Trade Agreements!

The Economic Policy Institute reports that since free trade with China began in 2001 (when China joined the WTO), over 5.5 million manufacturing jobs have been lost due to our growing trade deficit. During that time period, approximately 46,000 factories have been transferred from the United States to Asia. Currently, a new free trade agreement with South Korea is pending in Congress, and agreements with Panama and Colombia are expected to follow.

According to the Economic Policy Institute%u2019s estimates, the Colombia and South Korean deals could cost America as many as 159,000 jobs over seven years. The Panama deal will likely cost the U.S. billions of dollars in tax revenue over the long run. Over 350,000 foreign subsidiaries are located in the country to take advantage of the nation%u2019s lax tax laws, usually in the form of offshore shell companies and fake headquarters. That makes it the second most popular destination in the world for multinational corporations seeking to avoid taxes, behind only Hong Kong.

 

We the undersigned are asking you, Congress and our leaders to stop entering into these job-killing free trade pacts. The pending Korean-U.S. Free Trade Agreement and the agreements with Panama and Colombia should not be passed. Free trade leads to the outsourcing of American jobs, and we cannot afford to lose any more jobs. Free trade practices need to be discontinued immediately and replaced with fair and balanced trade.