Paul Tonko on Free Trade
[Explanatory note from Wikipedia.com "Exchange Rate"]:
Between 1994 and 2005, the Chinese yuan renminbi was pegged to the US dollar at RMB 8.28 to $1. Countries may gain an advantage in international trade if they manipulate the value of their currency by artificially keeping its value low. It is argued that China has succeeded in doing this over a long period of time. However, a 2005 appreciation of the Yuan by 22% was followed by a 39% increase in Chinese imports to the US. In 2010, other nations, including Japan & Brazil, attempted to devalue their currency in the hopes of subsidizing cheap exports and bolstering their ailing economies. A low exchange rate lowers the price of a country's goods for consumers in other countries but raises the price of imported goods for consumers in the manipulating country.
Reciprocal Market Access Act of 2011: Prohibits the President from agreeing to the reduction or elimination of the existing rate of duty on any product in order to carry out a foreign trade agreement until the President certifies to Congress that the US has obtained the reduction or elimination of tariff and nontariff barriers and policies and practices of such foreign country with respect to US exports of any product that has the same physical characteristics and uses as the product for which the President seeks to modify its rate of duty.
Congressional Summary:Amends the Tariff Act of 1930 to include a countervailing duty or antidumping duty on merchandise imported into the US from foreign countries with fundamentally undervalued currency.
Opponent's argument against bill: (by the Club for Growth)We urge all House members to not co-sponsor the protectionist Currency Reform for Fair Trade Act. This proposal would make it easier for the federal government to slap
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.
Summary from Congressional Record and Wikipedia:Vote to amend the North American Free Trade Agreement (NAFTA) and establish the United States-Mexico-Canada Agreement (USMCA). Rather than a wholly new agreement, it has been characterized as "NAFTA 2.0"; final terms were negotiated on September 30, 2018 by each country. The agreement is scheduled to come into effect on July 1, 2020.
Case for voting YES by Rep. Charlie Crist (D-FL); (Dec. 19, 2019)The USMCA includes stronger protections for American workers and enforceable labor standards, as well as environmental protections. It eliminates the Trump Administration's threat that the US could walk away entirely from the trade agreement with Canada and Mexico, which would devastate US jobs and our economy.
Case for voting NO by Jared Huffman (D-CA); (Dec. 19, 2019) Democratic negotiators did a lot to improve Donald Trump's weak trade deal, especially in terms of labor standards and enforcement, but the final deal did not reach the high standard that I had hoped for. The NAFTA renegotiations were a once-in-a-generation opportunity to lift labor and environmental standards across the continent--to lock in serious climate commitments with two of our largest trading partners and dramatically improve labor standards and enforcement to slow the rise of outsourcing.
Legislative outcome: Bill Passed (Senate) (89-10-1) - Jan. 16, 2020; bill Passed (House) (385-41-5) - Dec. 19, 2019; signed at the G20 Summit simultaneously by President Trump, Mexican President Enrique Nieto, and Canadian Prime Minister Justin Trudeau, Nov. 30, 2018
Ratings by USA*Engage indicate support for trade engagement or trade sanctions. The organization's self-description: "USA*Engage is concerned about the proliferation of unilateral foreign policy sanctions at the federal, state and local level. Despite the fact that broad trade-based unilateral sanctions rarely achieve our foreign policy goals, they continue to have political appeal. Unilateral sanctions give the impression that the United States is 'doing something,' while American workers, farmers and businesses absorb the costs."
VoteMatch scoring for the USA*Engage ratings is as follows :
|2021-22 Governor, House and Senate candidates on Free Trade:||Paul Tonko on other issues:|
Bill de Blasio
Open Seats / Turnovers 2022:
AL-5: Mo Brooks (R) running for AL Senator
CA-37: Karen Bass (D) running for mayor of Los Angeles
FL-10: Val Demings (D) running for FL Senator
FL-13: Charlie Crist (D) running for FL governor
HI-2: Kai Kahele (D) running for MD governor
MD-4: Anthony G. Brown (D) running for attorney general of Maryland
MO-4: Vicky Hartzler (R) running for MO Senator
MO-7: Billy Long (R) running for MO Senator
NY-1: Lee Zeldin (R) running for NY governor
NY-3: Thomas Suozzi (D) running for NY governor
NC-8: Ted Budd (R) running for NC Senator
NC-11: Madison Cawthorn (R) Incumbent lost renomination
OH-13: Tim Ryan (D) running for OH Senator
OK-2: Markwayne Mullin (R) running for OK Senator
OR-5: Kurt Schrader (D) Incumbent lost renomination
PA-17: Conor Lamb (D) running for PA Senator
SC-7: Tom Rice (R) Incumbent lost renomination
TX-1: Louie Gohmert (R) running for attorney general of Texas
VT-0: Peter Welch (D) running for VT Senator
Special Elections 2021:
LA-2: Troy Carter (R, April 2021)
LA-5: Julia Letlow (R, March 2021)
NM-1: Melanie Stansbury (D, June 2021)
OH-11: Shontel Brown (D, Nov. 2021)
OH-15: Mike Carey (R, Nov. 2021)
TX-6: Jake Ellzey (R, July 2021)
Hot Races 2022:
CA-27: Christy Smith (D) vs. Mike Garcia (R)
FL 27: Annette Taddeo (D) vs. Maria Elvira Salazar (R)
GA-7: Carolyn Bourdeaux (D) lost redistricting race to Lucy McBath (D)
GA-10: Vernon Jones(R) vs. Paul Broun (R,lost May 24 primary) to replace Jody Hice (R) running for Secretary of GA
ME-2: Bruce Poliquin (R) rematch against Jared Golden (D)
MI-10: John James (R) - running for newly redistricted seat
MI-11: Andy Levin (D) redistricted to face Haley Stevens (D)
MT 1: Ryan Zinke (R) - running for newly created seat
MT-2: Al Olszewski(R) vs. Sam Rankin(Libertarian) vs. Matt Rosendale(R)
NJ-7: Thomas Kean Jr. (R) challenging Tom Malinowski (R)
NY-10: Bill de Blasio (D) challenging Mondaire Jones (D)
NY-11: Max Rose (D) challenging Nicole Malliotakis (R)
NY 12: Carolyn Maloney (D) redistricted to face Jerry Nadler (D)
RI-2: Seth Magaziner (D) vs. Allan Fung (R)
RI-1: Allen Waters (R) vs. David Cicilline (D)
TX-34: Mayra Flores (R) - Elected SPEL June 2022; general election Nov. 2022 against Vicente Gonzalez (D)
WA-4: Brad Klippert (R) challenging Dan Newhouse (R)
WV-2: David McKinley lost a redistricting race to fellow incumbent Alex Mooney
Special Elections 2022:
AK-0: Sarah Palin (R) vs. Al Gross (Independent)
CA-22: Connie Conway (R) replaced Devin Nunes on June 7.
FL-20: Sheila Cherfilus-McCormick (D) replaced Alcee Hastings on Jan. 11.
MN-1: vacancy left by Jim Hagedorn (R), deceased Feb. 17; SPEL on August 9.
NE-1: Jeffrey Fortenberry (R) Resigned on March 31, after being convicted; Mike Flood (R) in SPEL on June 28.
NY-19: Marc Molinaro (R) running for SPEL Aug. 23 for seat vacated by Antonio Delgado (D), now Lt.Gov.
TX-34: Mayra Flores (R) SPEL June 14 for seat vacated by Filemon Vela Jr. (D)
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