International President Martinez recently encouraged members of Congress to support Representative Bill Pascrell’s (NJ-9) legislation that would reset America’s trade policies. The legislation promotes insourcing and strengthens the ability to enforce existing trade agreements.
“Instead of rewarding companies that offshore domestic production, as our current tax laws do, the legislation would provide a 20 percent tax credit for the costs related to moving production back to the U.S., and tax provisions that incentivize the offshoring of work would be closed, said Martinez. This means that American taxpayers would no longer be subsidizing the outsourcing of their jobs.”
This legislation will empower the Department of Commerce to impose countervailing duties on countries that unfairly manipulate their currency to gain a competitive advantage in the global marketplace. The Jobs and Trade Competitiveness Act will be critical to improving U. S. trade policy and ensure that our trade policies will be beneficial to working families.