Ben Ray Lujan on Free Trade
Reckless trade wars have raised prices on everyday items
We must approach our relationships with allies and trading partners responsibly, with strong policies that protect the American worker, labor standards, and the environment. I've only supported trade plans that put our economy and national
security first. Trump is attempting to undermine both with his reckless trade wars with China, Mexico, and other countries that have only hurt New Mexican families by raising prices on everyday items like food products, technology, and other household go
Source: 2020 New Mexico Senate campaign website BenRayLujan .com
, Jul 8, 2020
Review free trade agreements biennially for rights violation.
Lujan signed H.R.3012
Trade Reform, Accountability, Development, and Employment Act or the TRADE Act:
- review biennially certain free trade agreements (including Uruguay Round Agreements) between the US and foreign countries to evaluate their economic, environmental, national security, health, safety, and other effects; and
- report on them to the Congressional Trade Agreement Review Committee (established by this Act), including analyses of specified aspects of each agreement and certain information about agreement parties, such as whether the country has a democratic form of government, respects certain core labor rights and fundamental human rights, protects intellectual property rights, and enforces environmental laws.
Declares that implementing bills of new trade agreements shall not be subject to expedited consideration or special procedures limiting amendment, unless such agreements include certain standards with respect to: Requires the President to submit to Congress a plan for the renegotiation of existing trade agreements to bring them into compliance with such standards. Expresses the sense of Congress that certain processes for U.S. trade negotiations should be followed when Congress considers legislation providing special procedures for implementing bills of trade agreements.
Source: TRADE Act 09-HR3012 on Jun 24, 2009
- human rights;
- environment and public safety;
- food and product health and safety;
- provision of services;
- intellectual property;
- trade remedies and safeguards;
- dispute resolution and enforcement;
- technical assistance;
- national security; and
Impose tariffs against countries which manipulate currency.
Lujan signed Currency Reform for Fair Trade Act
- Amends the Tariff Act of 1930 to include as a "countervailable subsidy" requiring action under a countervailing duty or antidumping duty proceeding the benefit conferred on merchandise imported into the US from foreign countries with fundamentally undervalued currency.
- Defines "benefit conferred" as the difference between:
- the amount of currency provided by a foreign country in which the subject merchandise is produced; and
- the amount of currency such country would have provided if the real effective exchange rate of its currency were not fundamentally undervalued.
- Determines that the currency of a foreign country is fundamentally undervalued if for an 18-month period:
- the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets
- the country's real effective exchange rate is undervalued by at least 5%
- the country has experienced significant and persistent global current account
- the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations.
[Explanatory note from Wikipedia.com "Exchange Rate"]:
Between 1994 and 2005, the Chinese yuan renminbi was pegged to the US dollar at RMB 8.28 to $1. Countries may gain an advantage in international trade if they manipulate the value of their currency by artificially keeping its value low. It is argued that China has succeeded in doing this over a long period of time. However, a 2005 appreciation of the Yuan by 22% was followed by a 39% increase in Chinese imports to the US. In 2010, other nations, including Japan & Brazil, attempted to devalue their currency in the hopes of subsidizing cheap exports and bolstering their ailing economies. A low exchange rate lowers the price of a country's goods for consumers in other countries but raises the price of imported goods for consumers in the manipulating country.
Source: HR.639&S.328 11-HR0639 on Feb 14, 2011
$25B more loans from Export-Import Bank.
Lujan co-sponsored H.R.1031 & S.824
This bill raises the cap on outstanding loans, guarantees, and insurance of the Export-Import Bank of the United States for FY2015-FY2022 and afterwards. The Bank shall:
- Provide technical assistance to small businesses on how to apply for financial assistance from the Bank;
- Establish programs under which private financial institutions may share risk in the loans, guarantees, and other Bank products in exchange for receiving fees received from program participants.
- The Bank may enter into up to $25 billion worth of contracts of reinsurance, co-finance, or other risk-sharing arrangements on its portfolio or individual transactions with insurance companies, financial institutions, or export credit agencies.
Opponents reasons for voting NAY: (Washington Examiner, 12/2/12): The Export-Import Bank is a taxpayer-backed agency that finances U.S. exports, primarily though loan guarantees. You'd think the bank would spread the money around to
nurture up-and-coming businesses. You'd be wrong, very wrong. In fact, 83% of its taxpayer-backed loan guarantees in 2012 went to just one exporter: Boeing. Welcome to the "New Economic Patriotism," where the big get bigger and taxpayers bear the risk. Ex-Im is at the heart of Obama's National Export Initiative and is a pillar of the economic patriotism that Obama pledged in a second term. When government hands out more money, the guys with the best lobbyists and the closest ties to power will disproportionately get their hands on that money. Obama has spent four years pushing more subsidies, more bailouts and more regulations. "New Economic Patriotism" basically amounts to a national industrial policy -- Washington championing certain major domestic companies and industries, as if the global economy were an Olympic competition.
Source: Promoting U.S. Jobs Through Exports Act 15-HR1031 on Feb 24, 2015
Rated 38% by the USAE, indicating support for trade sanctions.
Lujan scores 38% by USA*Engage on trade issues
Ratings by USA*Engage indicate support for trade engagement or trade sanctions. The organization's self-description: "USA*Engage is concerned about the proliferation of unilateral foreign policy sanctions at the federal, state and local level. Despite the fact that broad trade-based unilateral sanctions rarely achieve our foreign policy goals, they continue to have political appeal. Unilateral sanctions give the impression that the United States is 'doing something,' while American workers, farmers and businesses absorb the costs."
USA*Engage at Work
- Developing the Case: USA*Engage explains the benefits of economic engagement, and the high cost of sanctions for American exports, investment and jobs.
- Education: We recruit respected foreign policy and economic experts to speak out against sanctions, actively engage the media and provide outreach to key target states and Congressional districts.
- Contacting Government Officials: USA*Engage directly contacts Congressional, Administration, state and local officials.
VoteMatch scoring for the USA*Engage ratings is as follows :
Source: USA*Engage 2011-2012 ratings on Congress and politicians 2012-USAE on Dec 31, 2012
- 0%-49%: supports trade sanctions;
- 50%-74%: mixed record on trade engagement;
- 75%-100%: supports trade engagement.
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Page last updated: Nov 24, 2020