What economic facts are behind the latest fight in trade legislation?


International Demand for goods and Foreign Trade have been a driving force behind United States’ economic growth. The recent legislative efforts, made by the current democratic administration to get permission for a Fast Track in negotiating trade agreements, amount evidence that trade-and-economic-growth is within the agenda of the Nation regardless of the politics of a singular political party. However, trade agreements are just tools for advancing the goal of economic growth, they do not bring prosperity automatically.

Recent data on Employment and Current Account show the needs for trade policies on two industry fronts: services sector and manufacturing. On one hand Service/Business Services account happens to be one of the most vibrant and employment growing sectors within the United States. However, its share remains low as far as Current Account respects. Although there was a surplus in current account for Services, which means the value of exports exceeded the value…

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