Establishing Emergency Trade Deficit Commission

Floor Speech

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Mr. COSTELLO. Madam Speaker, I rise today in support of H.R. 1875, the End the Trade Deficit Act of 2009.

Since coming to Congress, I have worked to level the playing field of international trade, stop the illegal trade practices of other countries, notably China, and support American workers. The first step in achieving these goals must be addressing our $375 billion trade deficit with other countries. While this deficit is down from the $753 billion deficit we had in 2006, as the global economy recovers, this deficit has increased by billions of dollars each month, and our deficit with China stands at a staggering $226 billion. In addition, the U.S. has lost 3,178,000 manufacturing jobs since 1998 and the recession has aggravated this damaging trend.

The Trade Deficit Review Commission established by H.R. 1875 will take positive steps to address the trade deficit by developing a new, competitive trade policy that emphasizes fair trade and U.S. jobs. Our trade policy must promote the export of U.S.-made goods to foreign markets and support our workers rather than aiding the multi-national corporations who seek weaker labor, safety, and environmental requirements overseas.

I have consistently opposed free trade agreements--including NAFTA and DR-CAFTA--because I believe they have driven good-paying American jobs out of the country. H.R. 1875 is needed to reverse these damaging trade agreements and takes a positive step forward to revitalize manufacturing in the U.S. and create jobs here at home.

Madam Speaker, I urge my colleagues to join me in supporting this important legislation.

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