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House panel advances Trade Promotion Authority bill

The House Ways and Means Committee has passed the Trade Promotion Authority bill.  The bill provides for trade agreements to be considered by Congress with an up or down vote, but without amendments.  It’s thought that extending TPA to President Obama may ease the way for the 12-nation Trans-Pacific Partnership (TPP) trade deal now being negotiated.

The Senate Finance Committee passed the measure Wednesday.

Many – but not all – agriculture and commodity organizations favor extending Trade Promotion Authority to President Obama.

The American Soybean Association says TPA is legislation that both the Senate and the House should take up and pass as quickly as possible.

On the other hand, the National Farmers Union urges Congress to reject TPA.  NFU President Roger Johnson says the legislation does not address the United States’ massive trade deficit or currency manipulation.

Johnson says American agriculture fairs relatively well in trade, but the agriculture trade surplus is overshadowed by a massive overall trade deficit that represents a roughly three percent drag on the U.S. Gross Domestic Product.