These agreements were opposed by some labor unions. As reported in the article:
Richard Trumka, president of the AFL-CIO, called the deals “lousy” in a speech in Washington this month.On the other hand, the United Auto Workers and the United Food and Commercial Workers supported the agreements.
This is a must better direction than the 1930 Smoot-Hawley Tariff, which helped deepen the Great Depression.
Tennessee Senator Bob Corker, a member of the Banking, Housing and Urban Affairs Committee, wrote about trade wars and their bad outcomes in Wednesday's Wall Street Journal. His final paragraph reads:
In 1930, Congress passed the Smoot-Hawley Tariff Act. In a moment of populism, legislators reached for simple answers to complex problems.&nnbsp; The result was a deeper depression and a decade of increased joblessness. We must not repeat these mistakes.There is no doubt that some lose jobs due to increased international trade, but some also gain jobs. Economics tell us that both sides in trade agreements win.
UPDATE: This just in from the U.S. Bureau of Economic Analysis (BEA):
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $177.6 billion and imports of $223.2 billion resulted in a goods and services deficit of $45.6 billion, virtually unchanged from July, revised.Increased trade would help balance the trade balance. Note that the link is probably only good until the next such announcement, when the content will change.
Regards — Cliff