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Congresswoman Louise Slaughter

Representing the 25th District of New York

Slaughter Responds to the ITC’s Report on the TPP

May 18, 2016
Press Release

WASHINGTON, DC — Congresswoman Louise Slaughter (NY-25) released the following statement in response to the International Trade Commission’s (ITC) report today on the Trans-Pacific Partnership (TPP). Slaughter is a leading critic of the TPP and recently led a bipartisan letter from more than a dozen members of the New York congressional delegation to President Obama opposing this misguided trade deal.

“The International Trade Commission’s report on the TPP is just the latest in its long line of rose-colored forecasts on the economic impact of free trade agreements. Its report on the U.S.-Korea Free Trade Agreement was proven wrong with the recent release of government trade data that found that our trade deficit with Korea more than doubled in the first four years of the deal. The ITC’s projections, from NAFTA to Korea, have fallen so far short of the mark that the more modest projections in today’s report should be taken as a sign that this massive TPP agreement would be even more harmful to American workers and businesses. After decades of NAFTA-style deals costing millions of jobs and devastating entire industries, we cannot afford this dramatic expansion of failed trade policy.”

In February, Slaughter, along with Reps. DeLauro, DeFazio, and Lee, pushed the ITC to fix the methodologies and assumptions incorporated in its models to get more accurate data following years of faulty projections:

Mexico-NAFTA

China-WTO

Korea FTA

1993 Baseline

$2.6 billion goods surplus (services data not available)

2000 Baseline

$113 billion deficit

2011 Baseline

$5.8 billion deficit

ITC Projection

$10.6 billion goods and services surplus

ITC Projection

$120 billion deficit

ITC Projection

$2.5 billion deficit

2015 Actual

$57 billion goods and services deficit

2015 Actual

$340 billion deficit

2015 Actual

$16.8 billion deficit

ITC Optimism Error

637%

ITC Optimism Error

183%

ITC Optimism Error

572%

 

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