WASHINGTON--(BUSINESS WIRE)--International trade supports millions of American jobs and is essential to the U.S. economy, the National Retail Federation says in a new report that provides a state-by-state breakdown of the benefits of trade. According to NRF, trade supports nearly seven million retail jobs and benefits American businesses, families and workers.
“Free and open trade is an essential element of the U.S. economy and its continued expansion and prosperity,” NRF President and CEO Matthew Shay said. “International trade benefits American consumers and families with lower-priced and more-diverse goods, supports millions of American jobs, and creates new investment opportunities for American businesses and retailers, large and small, both here and abroad.”
The report, “Trade Matters for Retailers and Families,” was conducted by the Trade Partnership for NRF. It includes details on the number of trade-supported retail jobs in each state and the economic benefits of pending trade agreements such as the Trans-Pacific Partnership with Pacific Rim nations and the Transatlantic Trade and Investment Partnership with the European Union.
The report follows last week’s introduction of legislation that would renew Trade Promotion Authority. Under TPA, the administration would be required to consult with Congress to set negotiating objectives and priorities and require Congress to hold a straight up-or-down vote once agreements are finalized.
“We applaud congressional action to renew trade promotion authority,” Shay said. “It is critical that Congress quickly consider the bill in order to advance pending trade agreements with our allies and trading partners in Asia and Europe.”
“Tearing down trade barriers and repealing market-distorting tariffs is in everyone’s economic and strategic interests,” Shay said. “Approving trade agreements like the TPP and TTIP will not only benefit American businesses but also American consumers and workers. We hope this report helps Congress understand the positive role that international trade plays in individual states and congressional districts.”
NRF strongly supports international trade agreements that eliminate import tariffs on goods and services and open up new markets for U.S. companies. Along with seeking TPA renewal, TPP and TTIP, NRF also supports the long-term extension of the African Growth and Opportunity Act and retroactive renewal of the Generalized System of Preferences.
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. www.nrf.com