Cory Booker on Free Trade



No fast-track for Trans-Pacific Partnership

Booker broke with President Obama and voted against giving him new authority to negotiate trade legislation. Booker voted against giving Obama the ability to negotiate the Trans-Pacific Partnership and bring it back to Congress for an up-or-down vote without amendments, a process known as fast-track. The bill passed 62-37, with just 14 Democrats supporting it.

Booker, given the choice of supporting the president or his progressive allies, joined most Senate Democrats in voting no. "Our trade policy must balance the need to increase exports and expand commerce with provisions that empower American workers," Booker said in a statement. "This legislation did not provide enough assurance that a deal reached under its terms would achieve that balance."

The Trans-Pacific Partnership would lower trade barriers among the U.S. and 12 nations, including Canada, Mexico, Japan, New Zealand and Vietnam. The Obama administration has touted it as a way to grow the U.S. economy and create jobs

Source: Newark Star Ledger, "Booker opposes Obama's trade bill" , May 23, 2015

African trade makes stable countries & good for our security

Expanding the economic pie means creating strong ties with these developing nations. Rather than making these countries dependent on long-term foreign aid, we should focus on increasing trade with them. For example, in countries that don't have legacy landline telephones, as we do in America, there are opportunities to invest in mobile data technology--creating jobs here and there. This "trade, not aid" approach means new markets for American goods, self-sufficient countries that benefit from investment and a world economy that's expanding.

Stronger, more stable African countries are also good for our security. Some parts of Africa, like Mali and Somalia, have had significant problems with extremist groups. Extremists have a much harder time gaining a foothold and recruiting when a countries people are making money, putting food on the table, and being supported by an effective government.

Source: 2013-2014 New Jersey Senate campaign web CoryBooker.com , Nov 3, 2013

China cheats via currency manipulation & IP theft

As China expands its economy, grows its military, and competes on the world stage, it is essential for them to play by the rules. Thankfully, China needs us--and there are countless areas where our countries cooperate to advance shared priorities.

American workers can compete and win on a level playing field, which is why China's cheating--through artificially depressing its currency and other unfair trade practices--is so damaging. While currency appreciation has occurred, keeping it artificially low hurts our economic competitiveness and undermines the trust that is essential to a strong relationship. That doesn't mean we should start a trade war--that would hurt our economy just as much as it would hurt China's. Instead, our goal should be a level playing field that treats everyone fairly, and that includes cracking down on unfair practices, such as unreasonable market barriers and Intellectual Property theft, that often break China's commitments to us and the rest of the world.

Source: 2013-2014 New Jersey Senate campaign web CoryBooker.com , Nov 3, 2013

China is engaging in unfair trade practices

[All four Democratic candidates] showed few differences in how the US should approach its relationship with China, saying that its economic rise is a good thing but that it is engaging in unfair trade practices.
Source: Star-Ledger coverage of 2013 N.J. Senate debate , Aug 5, 2013

$25B more loans from Export-Import Bank.

Booker co-sponsored H.R.1031 & S.824

This bill raises the cap on outstanding loans, guarantees, and insurance of the Export-Import Bank of the United States for FY2015-FY2022 and afterwards. The Bank shall:

Opponents reasons for voting NAY: (Washington Examiner, 12/2/12): The Export-Import Bank is a taxpayer-backed agency that finances U.S. exports, primarily though loan guarantees. You'd think the bank would spread the money around to nurture up-and-coming businesses. You'd be wrong, very wrong. In fact, 83% of its taxpayer-backed loan guarantees in 2012 went to just one exporter: Boeing. Welcome to the "New Economic Patriotism," where the big get bigger and taxpayers bear the risk. Ex-Im is at the heart of Obama's National Export Initiative and is a pillar of the economic patriotism that Obama pledged in a second term. When government hands out more money, the guys with the best lobbyists and the closest ties to power will disproportionately get their hands on that money. Obama has spent four years pushing more subsidies, more bailouts and more regulations. "New Economic Patriotism" basically amounts to a national industrial policy -- Washington championing certain major domestic companies and industries, as if the global economy were an Olympic competition.

Source: Promoting U.S. Jobs Through Exports Act 15-S824 on Mar 19, 2015

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Other big-city mayors on Free Trade: Cory Booker on other issues:

Tom Barrett (D,Milwaukee)
Bill de Blasio (D,NYC)
Rahm Emanuel (D,Chicago)
Bob Filner (D,San Diego)
Steven Fulop (D,Jersey City)
Eric Garcetti (D,Los Angeles)
Mike Rawlings (D,Dallas)
Marty Walsh (D,Boston)

Former Mayors:
Rocky Anderson (I,Salt Lake City)
Tom Barrett (D,Milwaukee,WI)
Mike Bloomberg (I,New York City)
Cory Booker (D,Newark,NJ)
Jerry Brown (D,Oakland,CA)
Julian Castro (D,San Antonio,TX)
Rudy Giuliani (R,New York City)
Phil Gordon (D,Phoenix)
Tom Menino (D,Boston)
Dennis Kucinch (D,Cleveland,OH)
Michael Nutter (D,Philadelphia)
Sarah Palin (R,Wasilla,AK)
Annise Parker (D,Houston)
Jerry Sanders (R,San Diego)
Antonio Villaraigosa (D,Los Angeles)
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Page last updated: Jun 20, 2017