PENNSYLVANIA – The Trump campaign released the following memo Tuesday afternoon on the topic of the Trans-Pacific Partnership – a topic about which he spoke Tuesday in Monessan, Pennsyvlvania.
In the speech, he promised to withdraw the U.S. from the international agreement if he is elected president.
Clinton Played A Leading Role In Drafting The TPP, And Has Called It The "Gold Standard"
As Secretary Of State, Clinton Took "A Leading Part In Drafting The Trans-Pacific Partnership." "She's pressed the case for U.S. business in Cambodia, Singapore, Vietnam, Indonesia, and other countries in China's shadow. She's also taken a leading part in drafting the Trans-Pacific Partnership, a free trade pact that would give U.S. companies a leg up on their Chinese competitors." (Elizabeth Dwoskin and Indira Laksmanan, "How Hillary Clinton Created A U.S. Business-Promotion Machine," Bloomberg,1/10/13)
- Clinton Had Said The Trans-Pacific Partnership "Sets The Gold Standard In Trade Agreements." CLINTON: "[We] need to keep upping our game both bilaterally and with partners across the region through agreements like the Trans-Pacific Partnership or TPP. Australia is a critical partner. This TPP sets the gold standard in trade agreements to open free, transparent, fair trade, the kind of environment that has the rule of law and a level playing field. And when negotiated, this agreement will cover 40 percent of the world's total trade and build in strong protections for workers and the environment." (Hillary Clinton, Remarks at Techport Australia , 11/15/12)
- CNN Headline: "45 Times Secretary Clinton Pushed The Trade Bill She Now Opposes." (Jake Tapper, "45 Times Secretary Clinton Pushed The Trade Bill She Now Opposes," CNN, 6/15/15)
The TPP Is Projected To Lead To The Elimination Of Over 2 Million U.S. Jobs
The Economic Policy Institute Estimates That The U.S. Trade Deficit With The 11 TPP Nations Led To The Elimination Of More Than 2 Million U.S. Jobs In 2015. "The U.S. trade deficit with the 11 other TPP countries eliminated 2 million jobs, as shown in Table 2, which reports the number of direct, indirect, and respending jobs lost (aggregated over all industries). The trade deficit between the United States and the 11 other TPP member countries in 2015 directly eliminated 418,900 jobs. In addition to the direct jobs lost, the U.S. trade deficit with the TPP country group eliminated an additional 847,200 indirect jobs in supplier industries, including jobs in manufacturing, commodity, and service industries. Finally, wages lost because of direct and indirect job cuts from the trade deficits with the TPP member countries would have supported an additional 759,700 respending jobs. The direct, indirect, and respending jobs displaced by the U.S. trade deficit with TPP member countries totals 2,025,800 jobs lost." (Robert E. Scott and Elizabeth Glass, "Trans-Pacific Partnership, Currency Manipulation, Trade, And Jobs," Economic Policy Institute, 3/3/16)
NAFTA
Clinton Has Continually Praised NAFTA As A "Boon To The Economy"
In 1998, Clinton Praised The Passage Of NAFTA, Pledging To Continue Free Trade Advocacy: "It Is Certainly Clear That We Have Not By Any Means Finished The Job That Has Begun." "At the 1998 World Economic Forum in Davos, Switzerland, she praised corporations for mounting 'a very effective business effort in the U.S. on behalf of NAFTA.' She added: 'It is certainly clear that we have not by any means finished the job that has begun.'" (Kristin Jensen and Mark Drajem, "Clinton Breaks With Husband's Legacy On NAFTA Pact, China Trade," Bloomberg , 3/30/07)
- In 2006, Clinton Said That She "Thinks NAFTA Has Been A Boon To The Economy." "CLINTON: Clinton thinks NAFTA has been a boon to the economy, but voted against the Central American-Dominican Republic Free Trade Agreement, saying it would drive jobs offshore." (Michael Rothfeld, " Newsday's Guide To Politics And Politicians," Newsday, 9/11/06)
NAFTA Has Cost Nearly 700,000 American Jobs
The Economic Policy Institute Estimates That The U.S. Trade Deficit Caused By NAFTA Has Resulted In Nearly 700,000 Lost U.S. Jobs Through 2010. "NAFTA led to a flood of outsourcing and foreign direct investment in Mexico. U.S. imports from Mexico grew much more rapidly than exports, leading to growing trade deficits, as shown in the Figure. Jobs making cars, electronics, and apparel and other goods moved to Mexico, and job losses piled up in the United States, especially in the Midwest where those products used to be made. By 2010,trade deficits with Mexico had eliminated 682,900 good U.S. jobs, most (60.8 percent) in manufacturing." (Robert E. Scott, "NAFTA's Legacy," Economic Policy Institute, 12/17/13)
Normalizing Trade Relations With China
Clinton Claimed She Would Have Voted To Normalize Trade Relations If She Was In The Senate At The Time
In October 2000, Clinton Said She Supported Normalizing Trade Relations With China, And Would Have Voted For It Had She Been In The Senate. CLINTON: "Had I been in the Senate this year, I would have voted for normalizing trade relations with China." (Hillary Clinton, Remarks To The Council On Foreign Relations , New York, NY, 10/17/00)
The Trade Deficit With China Has Cost 3.2 Million American Jobs Between 2001 And 2013
During Clinton's Four Years As Secretary Of State, Year-On-Year Trade Deficits With China Increased By $89 Billion, Or Over 39 Percent. ("Trade In Goods With China," U.S. Census Bureau, Accessed 6/1/16)
After Normalizing Trade Relations With China, The Economic Policy Institute Estimated That "Growth In The U.S. Goods Trade Deficit With China Between 2001 And 2013 Eliminated Or Displaced 3.2 Million U.S. Jobs." "Growth in the U.S. goods trade deficit with China between 2001 and 2013 eliminated or displaced 3.2 million U.S. jobs, 2.4 million (three-fourths) of which were in manufacturing. These lost manufacturing jobs account for about two-thirdsof all U.S. manufacturing jobs lost or displaced between December, 2001 and December 2013." (Will Kimball and Robert E. Scott, "China Trade, Outsourcing And Jobs," Economic Policy Institute, 12/11/14)
Through 2013, China's Entry Into The World Trade Organization (WTO) In 2001 Has Led To Skyrocketing Trade Deficits That Has Killed 3.2 Million U.S. Jobs. "Between 2001, when China came into the WTO, and 2013 the U.S. trade deficit with China increased $240 billion. These growing trade deficits eliminated 3.2 million U.S. jobs. China became the third largest recipient of FDI in the world, which fueled the growth of thousands of new manufacturing plants that generated exports to the United States and other markets." (Robert E. Scott, "Fast Track To Lost Jobs And Lower Wages," Economic Policy Institute's Working Economics Blog, 4/13/15)
KORUS
Clinton Called Ratifying The U.S.-Korea Free Trade Agreement One Of Her "Top Priorities" While Secretary Of State
In 2011, Clinton Said Convincing Congress To Ratify The U.S.-Korea Free Trade Agreement Was One Of Her "Top Priorities." CLINTON: "I am pleased to report that KORUS is currently ready for review by the United States Congress. This is a high, if not a top — I think it is probably one of my top priorities for the next months. We are determined to get it done, and I believe we will. We will need your help. It will be important to keep making the case to both of our respective legislative bodies." (Secretary Hillary Clinton, Remarks At The American Chamber of Commerce Breakfast, Seoul, South Korea, 4/17/11)
In 2012, Clinton Called The U.S.-Korea Free Trade Agreement A "Historic Milestone That Will Lead To Even More Trade And Investment Between Our Two Countries." CLINTON: "Today, the U.S.-Korea Free Trade Agreement (KORUS) enters into force, marking an historic milestone that will lead to even more trade and investment between our two countries. KORUS will provide new market access opportunities in Korea's dynamic trillion dollar economy for U.S. exporters, creating jobs here at home while increasing opportunities for Korean companies in the United States. This agreement is another example of this Administration's commitment to deepening our economic engagement throughout the world." (Press Release, "U.S., Korea Free Trade Agreement Takes Effect," U.S. State Department, 3/15/12)
Since KORUS Ratification, Trade Deficits Have Skyrocketed And Job Losses Have Soared To 95,000
The U.S. Has Lost More Than 95,000 Jobs Due To The Rising Trade Deficit With South Korea In The Wake Of KORUS. "Meanwhile, the rapid growth of Korean imports has eliminated tens of thousands of U.S. jobs. Using the trade and employment multipliers implied in the White House KORUS fact sheet, I estimate that the growth in the U.S. trade deficit with Korea between 2011 and 2015 has cost more than 95,000 U.S. jobs. Most of those jobs lost were in manufacturing (the growth of the manufacturing trade deficit was responsible for nearly three quarters, or 74.9 percent of the growth in the total U.S.-Korea trade deficit). In addition, the U.S. trade surplus in agriculture and primary commodities declined by $1.2 billion in this period, also contributing to growing trade-related job losses." (Robert E. Scott, "U.S.-Korea Trade Deal Resulted In Growing Trade Deficits And More Than 95,000 Lost U.S. Jobs," Economic Policy Institute's Working Economics Blog , 5/5/16)
Colombia Free Trade Agreement
The Clinton's Have Received Hundreds Of Thousands Of Dollars From Groups Pushing The Free Trade Agreement, Clinton Pursued It's Ratification As Secretary Of State
By 2008, Bill Clinton Had "Earned Hundreds Of Thousands Of Dollars Speaking On Behalf Of A Colombia-Based Group Pushing The Trade Pact…" "Former President Bill Clinton has earned hundreds of thousands of dollars speaking on behalf of a Colombia-based group pushing the trade pact, and representatives of that organization tell The Huffington Post that the former president shared their sentiment." (Sam Stein, "Bill Clinton's Ties To Colombia Trade Deal Stronger Than Even Penn's," The Huffington Post, 5/25/11)
"Clinton Was Paid $800,000 By The Colombia-Based Gold Service International To Give Four Speeches Throughout Latin America." "In June 2005, Clinton was paid $800,000 by the Colombia-based Gold Service International to give four speeches throughout Latin America. The organization is, ostensibly, a development group tasked with bringing investment to the country and educating world leaders about the Colombia's business opportunities." (Sam Stein, "Bill Clinton's Ties To Colombia Trade Deal Stronger Than Even Penn's," The Huffington Post, 5/25/11)
In 2011, Clinton Said "We Are Absolutely Committed To Passing The U.S.-Colombia Trade Promotion Agreement." CLINTON: "And of course, we are absolutely committed to passing the U.S.-Colombia Trade Promotion Agreement to open new markets and create jobs and opportunities for both of our peoples." (Hillary Clinton, Remarks With Colombian Foreign Minister Maria Angela Holguin, Washington, DC, 5/31/11)
The Agreement Is Projected To Cost Americans 55,000 Jobs
During Clinton's Four Years As Secretary Of State, Year-On-Year Trade Deficits With Columbia Increased By $6.4 Billion, Or Over 340 Percent. ("Trade In Goods With Columbia," U.S. Census Bureau, Accessed 6/1/16)
In 2010, The Economic Policy Institute Estimated That The Colombia Free Trade Agreement Would Cost The United States 55,000 Jobs By 2015. "In 2008, U.S. imports from Colombia could have supported 127,000 jobs if produced domestically, and exports supported 99,000 jobs, so net trade with Colombia resulted in a net displacement of 27,000 U.S. jobs. Given projected changes, the growth of the U.S. trade deficit with Colombia will displace 83,000 U.S. jobs in 2015, for a net loss of an additional 55,000 jobs." (Robert E. Scott, "U.S. Trade Deals With Colombia And Korea Will Be Costly," Economic Policy Institute, 2/25/10)
Normalizing Trade Relations With Vietnam
Clinton Voted To Normalize Trade Relations With Vietnam As A Senator
In 2001, Clinton Voted With The Majority Of Senators To Normalize Trade Relations With Vietnam. "Passage of the joint resolution that would grant annual normal trade relations status to Vietnam. The resolution would allow Vietnamese imports to receive the same tariffs as those of other U.S. trading partners." (H. J. Res. 51. CQ Vote #291: Adopted 88-12: R 39-10; D 48-2; I 1-0, 10/3/01, Clinton Voted Yea)
- Trade Normalization Went Into Effect After Vietnam Approved The Agreement A Month After It Was Approved By Congress. "Finally, after ratification last month by the United States Congress, Vietnam's National Assembly voted today, 278 to 85, to carry out the agreement. It is expected to take effect at the start of the year." (Seth Mydans, "Relations At Last Normal, Vietnam Signs U.S. Trade Pact," The New York Times, 11/29/01)
- The U.S.-Vietnam Bilateral Trade Agreement Covered Six Major Areas, Including Industrial And Agricultural Goods, Intellectual Property Protection, And Investment Protections. "The agreement covers six major areas: market access for industrial and agricultural goods, protection of intellectual property, market access for services, investment protection, business facilitation, and transparency." (Press Release, "Background On The U.S.-Vietnam Bilateral Trade Agreement," White House Fact Sheet, 6/8/01)
The Trade Deficit With Vietnam Increased Over 70 Percent While Clinton Was Secretary Of State
During Clinton's Four Years As Secretary Of State, Year-On-Year Trade Deficits With Vietnam Increased By $6.5 Billion, Or Over 70 Percent. ("Trade In Goods With Columbia," U.S. Census Bureau, Accessed 6/1/16)
